A brighter view from consumers on the economy and finances in January lifted sentiment to the highest level since March 2018. The Consumer Sentiment Index rose to 100.9 in early February from 99.8 recorded in January. Overall, both the sentiment and expectations indexes moved higher. In addition, net gains in household income and wealth were reported more frequently in early February than at any prior time since 1960.
The consumer continued to spend and fuel the U.S. economy in January though the numbers were seen as modest with a slight gain from December. January Retail Sales rose 0.3% as the unseasonably mild month pushed sales at hardware and furniture stores higher. Consumer spending is a big percentage of economic growth and spending should continue as the labor market remains very strong.
With all this good news, the coronavirus did not impact consumer’s views of the current economy.
This report is helpful for those looking to buy or invest in real estate. The economy continues to hum along at a very strong pace. According to economists, there’s no end in sight at this moment. This means that using your money to invest wisely is a good choice moving forward. If you have any questions or concerns, please reach out to us. We would love to help you save more money each month.