High Consumer and Business Confidence Levels Bode Well for Second Half of 2017

The latest from Prosper on Forbes.com on August 8, 2017…

Consumer confidence is up 30% over last year but consumer mood is down. How will it impact spending? Deborah Weinswig, Managing Director of Fung Global Retail & Technology (“FGRT”), weighs in on consumer and business confidence, consumer spending forecast and the auto outlook.

• Prosper Consumer Confidence: This month, 53.9% of consumers are confident or very confident in the economy, representing a more than 30% increase over July 2016. The current reading is also tracking ahead of the 13 month average of 49.6%. At 67%, confidence among small business owners is down from last month (68.2%) and up 33% YOY. Weinswig commented, “The 30%+ year over year increases in Prosper’s Confidence metrics among businesses and consumers alike reflects the acceleration in GDP growth driven by an 8.2% annualized increase in equipment spending. With Q2 GDP expanding at a 2.6% pace, up from 1.2% in Q1, we are continue reading…