On August 29, 2018, President Trump wrote a tweet in which he claimed that the Consumer Confidence Index was at its highest level for 18 years.
Consumer Confidence Index, just out, is the HIGHEST IN 18 YEARS! Also, GDP revised upward to 4.2 from 4.1. Our country is doing great!
“Consumer Confidence Index, just out, is the HIGHEST IN 18 YEARS!”
The Consumer Confidence Index is defined according to a Wikipedia article as: “In the United States of America, the U.S. consumer confidence index (CCI) is an indicator designed to measure consumer confidence, which is defined as the degree of optimism on the state of the U.S. economy that consumers are expressing through their activities of savings and spending”.
Half True. As reported by Reuters, the Consumer Confidence Index, as measured by the Conference Board, is the highest since October 2000, almost 18 years ago. However a University of Michigan study showed that it had fallen to an 11-month low.
The Conference Board survey’s findings are in stark contrast with a University of Michigan survey showing consumer sentiment falling to an 11-month low in early August as households worried about rising inflation eating into their modest wage increases and eroding their purchasing power.
“Also, GDP revised upward to 4.2 from 4.1.”
True. As reported by Reuters.
WASHINGTON (Reuters) – U.S. economic growth was a bit stronger than initially thought in the second quarter, notching its best performance in nearly four years and putting the economy on track to hit the Trump administration’s goal of 3 percent annual growth.