Consumer Sentiment in U.S. Increases on Outlook for Economy
Source: Bloomberg
By Katherine Peralta Feb 28, 2014 10:16 AM ET
Consumer confidence in the U.S. improved in February from a month earlier as more consumers grew optimistic about the outlook for the economy.
The Thomson Reuters/University of Michigan final index of sentiment rose to 81.6 this month from 81.2 in January. The median estimate in a Bloomberg survey of economists called for the measure to hold at its preliminary reading of 81.2.
Sustained sentiment indicates spending may pick up after bad winter weather across much of the U.S. caused some Americans to stay close to home rather than shop. Wage growth and more hiring would help further brighten spirits and give consumers the wherewithal to increase their purchases.
“We need companies to start expanding and hiring people and that will raise consumer confidence.” Yelena Shulyatyeva, U.S. economist at BNP Paribas in New York, said before the report. “Consumer spending will continue on same pace and grow modestly throughout the year.”
Read more: http://www.bloomberg.com/news/2014-02-28/consumer-sentiment-in-u-s-increases-on-outlook-for-economy-1-.html