When I read a headline claiming that consumer confidence is on the rise, I think that the newspaper should include a coupon for that big grain of salt you need to swallow the news. That’s the problem today. You read that headline and, depending on your politics, you say, “Well, the New York Times says it, so it MUST (or MUST NOT) be true!”
So, let’s just dispense with all that. Let’s look at the numbers, and then you tell me whether you are “feeling it.” OK? OK!
More hiring and fewer firings this year have helped firm sentiment, setting the stage for a pickup in consumer spending that will probably bolster the economy. Middle-income and wealthier households were among those turning more optimistic last week as stocks rose to a record and gasoline prices stabilized. Bloomberg.com
- The “Consumer Comfort Index” is at 37.6, the highest since Jan 2009
- Hiring beat expectations in June, and unemployment is near a 6-year low
- Auto sales are the strongest since 2006
- Confidence is up for everybody making at least $40,000 a year, BUT, has dropped for those making less
- All age groups are optimistic, with over-65’s the most so
- Optimism increased everywhere but the South
So, those are some of the stats. You can read more at the original piece. So what about you? Are you feeling the rosy glow of consumer confidence or not? Let us know over at the MindField Online Facebook page, and have a confident weekend!