The Bloomberg Consumer Comfort Index rose to 37.7 in the period ended Aug. 31 from 37.3 the prior week. A measure of personal finances increased to 54.2, matching the strongest reading since April 2008.
Sentiment among most income groups improved, with Americans making less than $50,000 becoming the most upbeat in a year as gasoline prices declined. More optimism on the heels of greater employment prospects and stock-market gains has the potential to stoke consumer spending, which accounts for about 70 percent of the economy.
“The pieces are falling into place for continued gradual improvement in confidence,” said Gary Langer, president of Langer Research Associates LLC in New York, which produces the data for Bloomberg. “The fact that people feel they’re doing better financially is an important element. The improvement in confidence in the lower-income tier is encouraging, and makes it a more broad-based recovery.”
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.