Economic sentiment ended its month-long slump, rising 1.3 points to 50.6 over the past two weeks, according to the HPS-CivicScience Economic Sentiment Index (ESI). Confidence in the job market boosted overall confidence as it continued its meteoric rise, increasing 4.2 points to 54.9—the highest level in the ESI’s history.
With over half of the U.S. population having received at least one vaccine shot, jobless claims reaching a pandemic low of only 547,000 last Thursday, and COVID-19 infection rates holding steady, consumers displayed a rising level of confidence over the past two weeks. In addition to record-setting job confidence, faith in the overall economy rose 2.2 points to 53.3. The other indicators were more mixed:
– Confidence in personal finances rose 3.6 points to 58.8, its second highest reading during the pandemic.
– Confidence in the tight housing market continued to drop, falling 2.4 points to 41.5, its lowest level in over a year.
– Consumers’ confidence in making a major purchase fell slightly from its previous six-month high, declining one point to 44.5.
The moving average began on April 14 at 49.5 and dropped to its low on April 21 at 48.0. It then shot upwards, peaking on April 24 at 53.0 before declining slightly and closing the reading on April 27 at 51.9.
The next release of the ESI will be Wednesday, May 12, 2021.