Consumer Comfort in U.S. Held Last Week Close to Five-Year High
Consumer sentiment last week held close to a five-year high as Americans gained confidence their financial situation was mending, a sign the biggest part of the economy will keep expanding.
The Bloomberg Consumer Comfort Index fell to minus 29.9 in the week ended April 21 from the prior period’s minus 29.2 that was the highest since January 2008. The decline was within the margin of error of 3 percentage points. Households were the most optimistic about their finances in 10 months.
Confidence held up even in the face of the biggest weekly drop in stock prices in five months, indicating that rising home values and easing fuel costs are helping to shore up balance sheets. The report may mean any slowdown in consumer spending will prove temporary just as other parts of the economy, including manufacturing, are cooling.
“Americans are feeling more secure about their own financial situation,” said Joseph Brusuelas, a senior economist at Bloomberg LP in New York. “Household wealth is recovering. The decline in gasoline prices is providing some relief to households across the income spectrum.”
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http://www.bloomberg.com/news/2013-04-25/consumer-comfort-in-u-s-held-last-week-close-to-five-year-high.html
