The number of consumers who expect to be better off financially a year from now increased in October, and the number of consumers who expect to be worse off decreased, according to data released today by the Federal Reserve Board of New York. The data was released as part of the bank’s “Economy in a Snapshot” report.
Consumer spending also increased, thanks in large part to an uptick in vehicle sales stemming from hurricanes in Florida and Texas.
The number of consumers who say they expect to be better off are at near historic highs, while the number who expect to be worse off remained at a historic low mark.
Last year’s election seems to have had an impact on the numbers, with both figures improving following November’s election.
Activity in the housing market also remained robust, between sales of new and existing homes and construction of new homes.