Americans’ confidence hovering near a decade high bodes well for sustained expansion in the U.S. economy, Bloomberg Consumer Comfort Index figures showed Thursday.
| Highlights of Consumer Comfort (Week Ended June 4) |
- Overall comfort measure at 49.9 after prior week’s 51.2, which was 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
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Key Takeaways
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 percent of the economy. Even with the drop in the index of the buying climate, the measure remains above this year’s average.
Other Details
- 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, while it fell for those who make more than $100,000
- The comfort index for Republicans fell, while still outpacing the gauge for Democrats, which inched up
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