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California consumer confidence hits 10-year high

By in Press Enterprise on October 31, 2017

By Jonathan Lansner

California shoppers don’t appeared spooked by economic sluggishness or political turmoil.

The state’s consumer confidence index for October rose for the third consecutive month to a 10-year high, the Conference Board reports.

California consumers seem to be ignoring business climate challenges, such as slower job growth, the pending hike in gasoline taxes and political questions about President Donald Trump’s administration. In fact, California was the only state of the eight tracked with October’s confidence reading at the highest level since Trump’s upset win last November.

The Conference Board also reported that California’s view of present economic conditions in October was at a six-month high and future expectations were at their best in nine months.

The upswing is part of an accelerating, long-running rise of confidence since the recession. Overall, California’s confidence index has run 14 percent higher in the year since the election vs. the previous 12 months — the smallest year’s gain among the eight states tracked.

As for October confidence in other states, New York was off the most from its post-election high, down 15 percent, followed by Texas (off 14 percent); Ohio (off 13 percent); and Pennsylvania (off 11 percent).

Nationally, confidence hit a 17-year high as it has jumped by 22 percent in the past 12 months vs. the previous year.

DID YOU SEE: 13 things that could spook Southern California’s economy

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