Consumer Confidence Sustains High Level on Buying

[Purveyor]

American consumer sentiment held last week near the highest level of the year as an improving job market made households more inclined to spend.

The Bloomberg Consumer Comfort Index was little changed at 37.5 in the week ended July 13 compared with 37.6 in the prior period, a report today showed. The buying-climate gauge climbed to its second-highest reading in more than six years, offsetting a decline in views on the economy and finances.

“The stabilization in consumer sentiment near cyclical highs has to do with the slower pace of firing and growing confidence among Americans that they will find jobs,” said Joseph Brusuelas a senior economist at Bloomberg LP in New York.

Buoyed by employment gains, consumers are feeling better about spending, a sign retailers could see sustained gains in sales heading into the back-to-school shopping season. Nonetheless, the report wasn’t without caveats as consumers’ views this month on the outlook for the economy dimmed after reaching a one-year high in June.

MORE...

http://www.bloomberg.com/news/2014-07-17/consumer-confidence-sustains-high-level-on-buying.html

[onethatcares]

1. whoa.

"the stabilization in consumer sentiment near cyclical highs has to do with the slower PACE OF FIRING AND GROWING CONFIDENCE AMONG AMERICANS THEY THEY WILL FIND JOBS"

Wtf is this guy smoking?

I work in a construction related field at this time and have been taking bids for some commercial work. I've asked painters, carpenters, masons and electricians if they thought the economy was moving forward or stagnating (this is in west central Florida) and every one of them has said it's not moving. That they now are bidding against 25 to 30 other contractors for the same job instead of the usual 10.

The hiring they are doing requires subcontractors with their own workers comp and licenses. They don't want to pay for those items.

They also want to start people at the bottom of the barrel wages with no gas allowances and definitely no benefits.

Sorry but I don't see the uptick. How about you guys?