U.S. consumer confidence hits 18-year high
U.S. consumer confidence is at an 18-year high. This points to sustained strength in the economy despite increasingly bitter trade tensions.
Other data showed a moderation in house price increases in July, the gains probably remain sufficient to boost household wealth and continue to support consumer spending, as well as making home purchasing a bit more affordable for first-time buyers.
“The consumer is always in the driver’s seat when it comes to stoking the fires that run the engines of economic growth, but the million dollar question is what is going to happen down the road when the trade tariffs start to bite?” said Chris Rupkey, chief economist at MUFG in New York.