MOLINE, Illinois-- Quad Cities Investment Group Advisor Mark Grywacheski says the consumer confidence index report for February of 2019 came in at 131.4, finally breaking the downward trend the U.S. has had as of late.
The index is a key measure of optimism in the U.S. economy with a benchmark of 100. Grywacheski says anything above 100 indicates consumers are optimistic about the state of the economy, jobs, and incomes. According to Marketwatch, the number was 121.7 in January.
Grywacheski dug into the numbers Monday, March 4, during Your Money. He explained why the numbers have been down as of late, saying there were a number of factors for it.
"From October 3rd to December 24th, the Dow Jones Industrial Average lost over 5,000 points, almost 19%" Grywacheski said. "The Federal Reserve was very aggressive in wanting to raise interest rates into the future."
He said there were a lot of concerns raised over the health of the global economy at that time, causing the hesitance of consumers to rise across the U.S.
Your Money with Mark airs between 5 and 5:30 a.m. every Monday on Good Morning Quad Cities. To live stream our newscast, click here.