The economy continues to roar to life under President Trump and the GOP-controlled Congress, with US consumer confidence soaring to a 17-year high as widespread optimism shows Americans spending at their highest levels since 2000.
According to Bloomberg, the confidence index reached its highest level in nearly two decades after the President signed his sweeping overhaul of the nation’s outdated tax code into law late last year.
Economists credit working Americans “seeing additional money in their paychecks” as a significant factor behind the boom.
“Despite the recent stock market volatility, consumers expressed greater optimism about short-term prospects for business and labor market conditions, as well as their financial prospects,” a leading economist told CNBC.
“Overall, consumers remain quite confident that the economy will continue expanding at a strong pace in the months ahead,” he added.
The strong economic data suggests the US recovery is in full effect; with record breaking stock figures, higher wages, year-end bonuses, and near full employment signaling strong GDP growth for the first quarter of 2018.