In an odd bit of news, consumer confidence hit an 18 year all time high for the New York based Conference Board Confidence Index (CBCI) in the month of August. While the CBCI high was based on positive assessments of the economy, the University of Michigan’s consumer sentiment index,”fell this month to the lowest in almost a year”.
Both reports on based on consumer responses to upcoming big ticketed purchasing items over the next six months including homes, cars and major appliances. While many in the CBCI believed that they will increase their purchasing habits, the University of Michigan report saw “less favorable views on purchasing big-ticket items and persistent concerns about trade tensions.”
For the first time we may be seeing a slight split among Americans as it pertains to the future of the economy. The state of Michigan is currently Red with a Republican Governor, State House, Senate, and US House of Reps. The state also went for President Trump in the 2016 election.