In what is good news for all Americans except democrats, the Consumer Confidence Index has increased to levels higher than at any time since Hurricane Katrina hit the gulf coast in late August.
Lynn Franco, director of the Conference Board’s Consumer Research Center, said in a statement accompanying the report that “consumer confidence continues to bounce back” from the beating it took after the hurricane.
“The resiliency of the economy, recent declines in prices at the pump, and job growth have consumers feeling more confident at year-end than they felt at the start of 2005,” Franco said. “Consumers are confident that the economy will continue to expand in 2006.”
The consumer confidence index stood at 102.7 in December 2004. The report is closely watched because consumer spending drives about two-thirds of the U.S. economy, and gains in sentiment tend to precede increases in spending.