The University of Michigan’s consumer confidence index showed much improvement in early November, when compared with early October, suggesting Americans have begun to shake-off the effects of the Sept. 11 terrorist attacks.
The U of M’s preliminary index of general economic sentiment climbed from 82.7 in October to 83.5 in November, according to Reuters.
Consumer confidence is much stronger than many economists expected. For example, the economists surveyed by Briefing.com expected the U of M’s index to decline to 78.5 this month.
But some economists continue to believe it is too early for the RV industry or other consumer products manufacturing sectors to start celebrating.
“With unemployment set to breach 6% over the next few months, people’s view of the current economy is bound to deteriorate,” said Ian Stepherdson, chief U.S. economist at High Frequency Economics Ltd. “But expectations are what matters for spending, and at this level the numbers suggest spending will rise, albeit not rapidly.”