Consumer Confidence Up Slightly
Consumers across the nation felt slightly more confident in July than in June, according to the monthly Thomson Reuters/University of Michigan index of U.S. consumer sentiment.
The index’s reading for the month was 85.1, reaching a six-year high and coming in slightly above the expectations of economists polled by Yahoo Finance. The June reading was 84.1, which was down slightly from 84.5 in May.
The report struck a positive tone, saying the number points toward “a continued expansion in consumer spending during the year ahead.”
“Importantly, along with renewed signs of income and job growth, consumers hold favorable buying attitudes, especially for interest-sensitive purchases of vehicles and homes,” the report said.
It also cited more optimism in lower-income households, but less in upper-income households. Richard Curtin, chief economist for the survey, called that a “robust sign that consumers expect the expansion to continue and act to speed up their buying plans.”
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