Breaking: Consumer Confidence in U.S. Rises to Highest Since October 2007
Source: Bloomberg
Consumer Confidence in U.S. Rises to Highest Since October 2007
By Nina Glinski
July 29, 2014 10:17 AM EDT
Confidence among U.S. consumers soared in July to the highest level in almost seven years on the heels of a strengthening labor market.
The Conference Board’s index rose to 90.9, the highest since October 2007, from a revised 86.4 in June, according to the New York-based private research group said today. Economists in a Bloomberg survey projected a reading of 85.4 for the month.
More employment opportunities, fewer firings and resilient equity markets are buoying spirits against a backdrop of geopolitical tension in Ukraine and the Middle East. Faster wage growth would help to further spur sentiment and provide the wherewithal for bigger gains in consumer spending.
“Stronger job growth helped boost consumers’ assessment of current conditions, while brighter short-term outlooks for the economy and jobs, and to a lesser extent personal income, drove the gain in expectations,” Lynn Franco, director of economic indicators at the Conference Board, said in a statement. The figures “suggest the recent strengthening in growth is likely to continue into the second half of this year.”
Read more: http://www.bloomberg.com/news/2014-07-29/consumer-confidence-index-in-u-s-increased-to-90-9-in-july.html
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