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The Survey of Consumers from the University of Michigan reveals that consumer confidence grew substantially in the first half of August. From July to August of this year, the Index of Consumer Sentiment increased from 93.4 to 97.6 percent, marking an 8.7 percent increase from August 2016.
“Consumer confidence rose in the first half of August to its highest level since January due to a more positive outlook for the overall economy as well as more favorable personal financial prospects,” Survey of Consumers Chief Economist Richard Curtin stated.
The recent Wells Fargo/Gallup Small Business Index shows that small business owners are also confident in the future:
- 76% of small business owners said their current financial situation is very good or somewhat good, up from 73% in April
- 46% of small business owners said their business’s revenue increased over the past 12 months, up from 41% a year ago
- 48% of small business owners said credit will be somewhat easy or very easy to obtain over the next 12 months
- 21% said the number of jobs at their company increased over the past 12 months, up from 19% in April
Regarding challenges, the small business index reports that 13 percent of small business owners said their most important challenge is hiring and retaining quality staff and 12 percent said attracting customers and finding new business.
It is encouraging to see consumers and entrepreneurs alike confident in what is to come. The disposition of these buyers and business owners is incredibly important, and if their feelings about the future translate into positive gains, the American economy benefits as a whole.