Consumer confidence rose in September to its highest level since August 2007 — before the Great Recession.
The data, released Tuesday by the Conference Board, a business association, helps dismiss arguments that the uncertainty of the election is weighing down Americans’ perception of the economy, said Paul Ashworth, chief U.S. economist at Capital Economics, a research firm.
The September confidence reading was 104. It fell as low as 25 during the recession.
The improved outlook reflects a healthier job market, the Conference Board said. The unemployment rate is 4.9%, less than half its peak of 10% during the recession. And the last two years, 2014 and 2015, were the strongest for job growth since 1999.
But wage growth has been slow, and Americans don’t expect it to pick up soon. The share of Americans who believe their incomes will improve in the next six months declined in September, the board said.