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Consumer confidence index surges to 18-year high

·Reporter

Consumer confidence is at its highest level since 2000.

The Consumer Confidence Index reached 138.4, exceeding average analyst estimates of 132.1, the Conference Board reported Tuesday. The previous revised confidence index was 134.7 for August.

“After a considerable improvement in August, Consumer Confidence increased further in September and hovers at an 18-year high,” Lynn Franco, Director of Economic Indicators at The Conference Board, said in a statement. “The September reading is not far from the all-time high of 144.7 reached in 2000. Consumers’ assessment of current conditions remains extremely favorable, bolstered by a strong economy and robust job growth.”

The surge suggests “solid economic growth exceeding 3.0% for the remainder of the year,” Franco added. “These historically high confidence levels should continue to support healthy consumer spending, and should be welcome news for retailers as they begin gearing up for the holiday season.”

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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FILE- In this Dec. 21, 2017, file photo, Mercedes Amos, left, and her daughter Jhene Rivers, 2, right, of Orangeburg, S.C., rest after a day of holiday shopping at Concord Mills mall in Concord, N.C. On Tuesday, March 27, 2018, the Conference Board releases its March index on U.S. consumer confidence. (AP Photo/Chuck Burton, File)
FILE- In this Dec. 21, 2017, file photo, Mercedes Amos, left, and her daughter Jhene Rivers, 2, right, of Orangeburg, S.C., rest after a day of holiday shopping at Concord Mills mall in Concord, N.C. On Tuesday, March 27, 2018, the Conference Board releases its March index on U.S. consumer confidence. (AP Photo/Chuck Burton, File)