American Consumers in 2013 Most Upbeat Since Before Recession
By Lorraine Woellert - Jan 2, 2014
American consumers in 2013 were more upbeat than at any time in the previous six years as views on the economy, finances and the buying climate improved.
The Bloomberg Consumer Comfort Index (COMFCOMF) averaged minus 31.4 for 2013, the highest since 2007, when it was minus 10.5. The weekly index fell for the first time since mid-November, dropping to minus 28.7 for the period ended Dec. 29, from minus 27.4.
An improved job market, higher stock prices and rising home values lifted sentiment at the end of the year and helped drive holiday retail shopping. Stronger wage and employment growth would help propel bigger gains in confidence and encourage Americans to boost spending, which accounts for almost 70 percent of the economy.
“Consumers were somewhat uneasy in the latest week, however, record stock market evaluations and increased job creation has bolstered confidence levels from relatively low levels,” said Richard Yamarone, a senior economist for Bloomberg LP in New York.
Other figures today showed jobless claims declined last week to the lowest level in a month. Applications for unemployment benefits fell by 2,000 to 339,000 in the week ended Dec. 28, according to the Labor Department.
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http://www.bloomberg.com/news/2014-01-02/american-consumers-in-2013-most-upbeat-since-before-recession.html
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