Elevated US Consumer Comfort Index Signals Sustained Growth
Americans’ confidence hovering near a decade high bodes well for sustained expansion in the U.S. economy, Bloomberg Consumer Comfort Index figures showed June 8.
Highlights of Consumer Comfort
• Overall comfort measure at 49.9 after 51.2 in the prior week, the second-strongest level since 2001.
• Gauge of personal finances declined to 60.4 from decade-high reading of 63.
• Index of buying climate drops by most since August, to 44.1 from 46.3.
The latest reading, the first decline in four weeks, remains consistent with projections for a rebound in growth this quarter. Steady hiring, stock-market gains and rising home equity are helping Americans stay upbeat, an encouraging signal for consumer spending, which accounts for almost 70% of the economy. Even with the drop in the index of the buying climate, the measure remains above this year’s average.
• Index of sentiment about the national economy rose to 45.3 from 44.2.
• Confidence among full-time workers highest since early April.
• Sentiment gauge for Americans earning less than $15,000 a year increased to six-week high, but it fell for those who make more than $100,000.
• The comfort index for Republicans fell, but it's still outpacing the gauge for Democrats, which inched up.