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    October 6, 2020

    Consumer Confidence Improves in September

    Written by David Schollaert

    U.S. consumer confidence has suffered drastically from the pandemic, but has shown some positive signs of late. The composite value of consumer confidence in September, reported by The Conference Board, was 101.8, surpassing the 100 mark for the first time since March 2020. The three-month moving average (3MMA) moved up to 93.3. Despite the increase, the 3MMA remains a far cry from 130.4 seen in February. 

    “Consumer confidence increased sharply in September after back-to-back monthly declines, but remains below pre-pandemic levels,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “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. Consumers also expressed greater optimism about their short-term financial prospects, which may help keep spending from slowing further in the months ahead.”

    David Schollaert

    David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

    Read more from David Schollaert

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