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US consumer sentiment rises to highest level since 2004

A consumer carries shopping bags at a shopping mall in Charlotte, North Carolina

(AP)

Americans have more confidence in the economy than at any time in almost 13 years, according to a closely followed survey showed that expectations for growth in the new Trump card of the administration.

The University of Michigan said Friday its monthly index of consumer sentiment rose by 4.7 points from a month earlier to a reading of 98.2 in December, reaching the highest level since January 2004. A measure of consumers views about the current state of the economy rose healthy while a measure of their expectations for growth in the future climbed even faster.

Economists polled by The Wall Street Journal expected that the reading of 98.7 this month.

Richard Curtin, the survey’s chief economist, said an unusually high number of consumers reported high expectations for the policies of President-elect Donald Trump in comparison with the expectations of the consumer of previous incoming presidents.

Mr. Trump, a Republican, has pledged to reduce regulations for businesses and harden the nation’s trade, attitudes towards foreign countries, such as China to give domestic companies a stronger edge in the global market.

Click here to read more in The Wall Street Journal.

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