Consumer confidence soars to its best level since August 2001

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Brendan McDermid/Reuters

Consumer confidence climbed in December to a post-recession high, according to the Conference Board’s monthly report published on Tuesday.

The confidence index rose to 113.7, the highest level since July 2007. Economists had forecast that the index rose to 109.0 from 107.1.

“Consumer Confidence improved further in December, due solely to increasing Expectations which hit a 13-year high (Dec. 2003, 107.4),” Lynn Franco, Director of Economic Indicators at The Conference Board, said in the report.

“The post-election surge in optimism for the economy, jobs and income prospects, as well as for stock prices which reached a 13-year high, was most pronounced among older consumers,” she said.

Consumer confidence has been improving since Donald Trump won the election.

The December reading from the University of Michigan showed that measure improved to 98.2 in December, the best since August 2001.