Consumer confidence surged in September as the economy continued to improve while fears from the coronavirus eased. The Conference Board's Consumer Confidence Index surged to a post-pandemic high of 101.8 this month, above the 88.5 expected and far surpassing the 86.3 recorded in August. Lynn Franco, Senior Director of Economic Indicators at The Conference Board said, “A more favorable view of current business and labor market conditions, coupled with renewed optimism about the short-term outlook, helped spur this month’s rebound in confidence.
Home prices continued to show positive gains over the summer as low rates and an improving economy have buoyed the sector. The S&P Case-Shiller 20-City Home Price Index showed a 3.9% increase year over year after the 3.5% gain seen in June with a 0.6% increase from June to July. The National Index jumped 4.8% annually and was up 0.8% monthly. Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices said, "The strength of the housing market was consistent nationally – all 19 cities for which we have July data rose, with 16 of them outpacing their June gains."
The U.S. Census Bureau reports that American household incomes jumped in 2019 from 2018 to $68,703 due in part to low unemployment and a solid economy. The Census Bureau went on to report that real median income rose by 7.9% for Black Americans, 7.1% for Hispanic Americans, and 10.6% for Asian Americans. In addition, child poverty decreased to 14.4%, the lowest child poverty rate observed since 1973.