The Consumer Comfort Index, which has been growing steadily since the Great Recession, reached its highest level in a decade earlier this month, due in part to the January inauguration of President Donald Trump.
Specifically, it hit 50.6 in the period that ended March 5. This was the highest it had been since March of 2007, when it broached 49.8.
“Stock indexes near record highs and persistent strength in the job market have lifted the consumer comfort gauge in five of the last six weeks since” Trump’s inauguration, according to Bloomberg. “(R)espondents view the buying climate as the most favorable in nearly 15 years, indicating household spending may rebound after a slow start to 2017.”
This is the CCI as observed over the past 15 years:
As noted by Investopedia, the Consumer Comfort Index “measures how optimistic or pessimistic consumers are with respect to the economy in the near future.”
Its recent uptick — though to be fair, it has been growing steadily for years now — suggested that the president’s pro-business agenda was already having the desired effect. In fact, the CCI reportedly increased the highest among Republicans and independents. Part-time employees and married women also reported higher levels of comfort.
The irony was that numbers like these completely belie the narrative being peddled by Trump’s critics. As noted by Legal Insurrection, “If you only read the mainstream, openly left-wing, and establishment Republican media, you’d think it was Apocalypse Now in America.”
Yet the CCI is not alone. The Consumer Confidence Index hit a 15-year high last month, according to MarketWatch. And according to a recent Gallup report, the U.S. Economic Confidence Index has hit “the highest weekly average in Gallup’s nine-year trend.”
Let’s face the fact: The economy is booming, and while all of its success cannot be attributed to the president, a whole lot of it certainly can.
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