Consumer Comfort Reaches Five-Year High as U.S. Top Earners Gain

[Purveyor]

Consumer sentiment climbed last week to its highest level in more than five years as Americans felt the most upbeat about spending since before the recession began.

The Bloomberg Consumer Comfort Index improved to minus 28.9 in the week ended April 28, its highest since January 2008, from minus 29.9 the week earlier. The buying-climate gauge rose to minus 32.5, the best reading since November 2007, a month before the worst economic slump since the Great Depression began.

The gain in sentiment is being driven by high-income earners as rising home and stocks values bolster balance sheets, which may help underpin consumer spending. While easing fuel costs may help those at the other end of the pay scale, the higher payroll tax that took effect in January may be starting to hurt those households.

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http://www.bloomberg.com/news/2013-05-02/consumer-comfort-reaches-five-year-high-as-u-s-top-earners-gain.html

[snappyturtle]

1. Bloomberg really stretches the point of gain....to a minus 28.9%...LOL. nt