U.S. Consumer Confidence Hits New Post-Pandemic High in Sept.

It appears Americans consumers weren't so spooked by the rising number of cases affected by this pandemic. New figures released Tuesday by the U.S. Conference Board showed consumer confidence rebounded in September and rose to a post-pandemic high after the number of coronavirus cases declined and the economic forged ahead, a closely followed survey showed.

The index of consumer confidence rose to 101.8 this month from 86.3 in August. Economists had forecast the index to rise to 89.6.

The level of confidence in August was also revised slightly higher after initially showing the lowest reading since the pandemic began more than six months ago.

The board goes on to say the rebound in confidence reflects a decline in coronavirus cases after a midsummer spike.

Perhaps more surprising, a reduction in federal benefits for the unemployed did little to dampen the optimism. A $600 federal unemployment stipend expired at the end of July. President Trump authorized temporary $300 payments, but the money is already running out and Congress is deadlocked on what to do next.