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Consumer Comfort Increases to Highest Level Since 2008
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| Contributor | Brandonius Maximus |
| Last Edited | Brandonius Maximus Feb 24, 2011 04:01pm |
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| Category | News |
| Author | Shobhana Chandra |
| News Date | Thursday, February 24, 2011 10:00:00 PM UTC0:0 |
| Description | Consumer confidence climbed last week to the highest level since April 2008 as Americans grew less pessimistic about their finances.
The Bloomberg Consumer Comfort Index, formerly the ABC News U.S. Weekly Consumer Comfort Index, was minus 39.2 in the period to Feb. 20, compared with minus 43.4 the prior week, a report today showed. Forty-nine percent of those polled held positive views on their financial situation, the most in a year.
The biggest two-month drop in the jobless rate since 1958 may be helping lift households’ spirits, boosting the odds that spending, which accounts for about 70 percent of the economy, will keep growing. Higher gasoline prices will remain a hurdle as political tensions in oil-exporting countries push up the cost of crude. |
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