Americans’ Confidence at Four-Month High on Job Gains: Economy
Source: Bloomberg
Consumer confidence climbed last week to a four-month high as an improving job market and holiday discounts put Americans in the mood to shop.
The Bloomberg Consumer Comfort Index (COMFCOMF) rose to minus 27.4 in the period ended Dec. 22, the fifth straight gain, from minus 29.4. Other figures showed applications for unemployment benefits declined more than forecast last week to 338,000.
The report on sentiment also showed a gauge of whether it’s a good time to make purchases advanced to the second-highest level since 2007, signaling a pickup in the spending that accounts for almost 70 percent of the economy. Americans stayed upbeat about economic prospects amid more job opportunities, higher home values and record stock prices.
“Consumers are feeling a bit more buoyant heading into the new year,” said Omair Sharif, an economist at RBS Securities Inc. in Stamford, Connecticut, who projected 340,000 claims. “This isn’t surprising, given better labor-market data and low inflation. Consumer spending is going to be pretty robust in the fourth quarter.”
Read more: http://www.bloomberg.com/news/2013-12-26/consumer-comfort-in-u-s-rises-to-highest-level-in-four-months.html