American consumers stay strong in the face of coronavirus and election uncertainties

Posted Friday, 14 February 2020 ‐ CNN

New York (CNN Business)America's consumers haven't felt this good about the economy in nearly two years despite nascent worries about the global coronavirus outbreak and this year's presidential election.The University of Michigan's consumer sentiment index rose to 100.9 points in February, its highest level since March 2018.The index is a survey-based gauge of how consumers assess the economy and their position in it. Friday's data was the preliminary reading for the month, with the final reading due on February 28.Consumers are the backbone of the American economy. The current tight labor market and low unemployment rate has kept money flowing and people spending."With stock markets close to record highs and gasoline prices falling, expectations could even rise further over the coming month or two," said Paul Ashworth, chief US economist at Capital Economics.Those factors seem to have outweighed worries about the global coronavirus outbreak, which has infected more than 64,000 people and killed 1,383 worldwide. Still, only 7% of thosesurveyed mentioned the outbreak.While US stocks are near record highs, the closure of Chinese factories to avoid the spreading of the virus is weighing on that country's oil demand, and pushing oil prices lower.Global oil demand is expected to shrink in the first quarter, said the International Energy Agency Thursday, which loweredits annual demand growth forecast to its weakest pace since 2011.Investors around the world meanwhile are grappling to assess the impact the outbreak will have on the global economy. The United States is less export-oriented than its European peers, which could shield it -- and its consumers -- from the fallout of a slowdown in China's economy growth.Consumers also shrugged offPresident Donald Trump's impeachment trial, which ended in his acquittal earlier this month. The impeachment process, which began late last year, was not a major concern for consumers.That said, politics remains a concern: potential changes to taxes and government spending in the face the the November presidential election is a risk noted by 10% of participants.

Other articles published by CNN

Posted Wednesday, 25 March 2020 ‐ CNN

(CNN)Harry Styles has postponed the European leg of "Love On Tour" to 2021 as the coronavirus pandemic continues across the globe.The former One Direction star had been due to kick off the 26-date tour in Birmingham, England on April 15, with pitstops in ...

Posted Wednesday, 25 March 2020 ‐ CNN

(CNN)Scientists have found that our teeth can provide a record of human life, much like the rings of a tree.The discovery that our teeth are an "archive of life" could allow us to better understand menopause, birth patterns and child-rearing among early...

Posted Wednesday, 25 March 2020 ‐ CNN

(CNN)Handshakes will probably be out of style for a while. Perhaps we should consider the namaste gesture instead. Here's what you need to know to Get Up to Speed and On With Your Day.(You can also get "5 Things You Need to Know...

Posted Wednesday, 25 March 2020 ‐ CNN

(CNN)The US Food and Drug Administration on Tuesday said it is expediting the use of a blood plasma treatment for patients seriously ill with the coronavirus, making it easier for doctors to try another tool to attack the illness.The FDA said in a news...

Posted Wednesday, 25 March 2020 ‐ CNN

(CNN)It was meant to be the first Games to be held beyond Europe and North America, a spectacle to showcase to the world that Tokyo had overcome the earthquake that had devastated the city some years earlier. But the 1940 Olympics was the Games that...

Posted Wednesday, 25 March 2020 ‐ CNN

(CNN)It's a scenario all too many of us are facing -- or will soon face. You or a loved one has a mild fever, body aches, the start of a nagging, dry cough. Food doesn't taste good nor smell as it once did. Maybe you...

Posted Wednesday, 25 March 2020 ‐ CNN

(CNN)There's no easy time to get sober, but a global pandemic is tougher than most. Back when I was trying and failing to quit, I'd reach for any excuse to bail on my better self. A bad day. A text from my ex, or no text. One day, a snowstorm walloped...

Posted Wednesday, 25 March 2020 ‐ CNN

(CNN)As the coronavirus situation intensifies, you might be wondering: how can I keep myself healthy? And will swallowing a pill protect me from getting sick?First, there's the not-so-great news. Despite claims you may have seen on the Internet, there's...

Posted Wednesday, 25 March 2020 ‐ CNN

New Delhi (CNN)As the global coronavirus pandemic worsens by the day, fear is swelling in India -- and frontline medical workers are bearing the brunt of public panic.India has reported 562 cases of the novel coronavirus so far, a relatively low number...

Posted Wednesday, 25 March 2020 ‐ CNN

Hong Kong (CNN)Chinese Premier Li Keqiang has warned local officials not to hide new coronavirus cases, after the country reported several days of no locally transmitted infections in a major turnaround in its fight against the deadly pandemic.Li, the...

Posted Wednesday, 25 March 2020 ‐ CNN

(CNN)President Donald Trump says he's hopeful Americans will be able to return to work in less than three weeks -- an outlook in stark contrast with that of world health officials who say the US may become the coronavirus pandemic's new...

Posted Wednesday, 25 March 2020 ‐ CNN

(CNN)Minnesota Timberwolves player Karl-Anthony Towns took to Instagram to share his mother's fight with Covid-19 in hopes it would encourage others to follow precautions to stop its spread."This disease is real," he said. "This disease needs not to be...

Posted Wednesday, 25 March 2020 ‐ CNN

(CNN)Danielle and Kenny Scott are used to facing obstacles together.Danielle, who is 34, had a hysterectomy after being diagnosed with stage three ovarian cancer in 2013. Kenny was right by her side, despite the fact that they had only been dating three...

Posted Wednesday, 25 March 2020 ‐ CNN

(CNN)When Brandon Waltman went to visit his newborn baby girl in the neonatal intensive care unit of an Alabama hospital Monday night, he was told she had been placed in isolation.His daughter Emmarie Grace Waltman has been in the NICU of the University...

Posted Wednesday, 25 March 2020 ‐ CNN

Washington (CNN)White House and Senate leaders struck a major deal early Wednesday morning over a $2-trillion package to provide a jolt to an economy struggling amid the coronavirus pandemic, capping days of marathon negotiations that produced one of the ...