On Friday the University of Michigan's consumer confidence index indicated that spenders mood is at its highest level since January 2008. Since its low late in the recession, the measure has now risen by more than one-third.
One measure which records expected economic conditions advanced by 2.8% -- now up increase by 43.7% from its 2008 low. The readings for expected change in personal finances and expected five-year business conditions also both improved.
Another measure which registers sentiment about current economic conditions improved to the highest level since early-2008 and it was up 44.2% from the 2008 low. Consumers expectations for price inflation during the next year fell sharply.
The increases topped even the most optimistic of economists' predictions for gains for the period. The report, because of its strength, continues to point to steady underlying improvement in the jobs market.
Sunday, June 13, 2010
U.S. Consumers Confidence Highest in Over 2 Years
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Eldon,
ReplyDeleteDo you think the housing market can maintain its recovery without the tax credit. If not, how long will it have to be in place before it's safe to let the housing market find a natural bottom from which to recover?
Bill,
ReplyDeleteIndeed I think it can and has already started. Look for an article a bit later today on mortgage applications. Even without the tax credit, refi's and now purchase applications are bouncing upward. By the end of this year, I'd bet you will be hard pressed to find anyone would not agree that housing sales and prices will be trending in the positive direction again.
GNE