Posted on Sunday, 6.27.2010 Consumer confidence - Rate of employment According to the new consumer confidence sentiment index by Reuters and the University of Michigan, Americans are feeling better about the economy. In June, the index rose to 76 from 73.6 in May, placing it at the highest level since January 2008.
According to the survey, the cumulative gain since November 2008’s low of 55.3 has restored half of the decline from the January 2007 peak of 96.9.
The six month outlook, according to The Expectations Index, consumer confidence increased to 69.8 in June from 68.8.
Chris G. Christopher Jr., a senior principal economist with IHS Global Insight, said “Consumers do not appear to be too fazed by the recent volatility and decline in stock prices, European debt issues, and Gulf oil spill debacle.”
In June, the proportion of consumers that reported worsening finances fell to 44 percent, despite the high rate of unemployment, from 54 percent a year ago.
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