Consumer Sentiment Rises to Highest Level Since Jan. '08
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Consumer sentiment this month increased to the highest level since January 2008, while the reports of job losses are down steeply from the same month last year, according to a survey released Friday.
The Thomson Reuters/University of Michigan's Surveys of Consumers showed that its gauge of the overall sentiment of shoppers rose to 76 in June from 73.6 last month. Economists were looking for a reading of 75.5 this month.
According to the survey, reports of job losses fell by more than half from the year-ago month, from 65 percent to 29 percent.
"The June 2010 survey recorded the most favorable news heard by consumers about jobs in five years," Richard Curtin, director of the surveys, said in a statement. "Unfortunately consumers do not anticipate significant declines in unemployment during the year ahead."
The barometer of the current economic conditions was 85.6, which is the highest reading since January 2008, and much improved from the 82.9 previously reported in early June. The component was up from 81.0 in May and surpassed the 82.9 expected by economists.
The gauge of consumer expectations rose at a slower pace to 69.8 this month from 68.8 in May, missing the 70.9 expected by economists.
The barometer of consumer sentiment is closely watched, as spending by consumers accounts for roughly 70 percent of the U.S. economic activity.
The Thomson Reuters/University of Michigan's Surveys of Consumers showed that its gauge of the overall sentiment of shoppers rose to 76 in June from 73.6 last month. Economists were looking for a reading of 75.5 this month.
According to the survey, reports of job losses fell by more than half from the year-ago month, from 65 percent to 29 percent.
"The June 2010 survey recorded the most favorable news heard by consumers about jobs in five years," Richard Curtin, director of the surveys, said in a statement. "Unfortunately consumers do not anticipate significant declines in unemployment during the year ahead."
The barometer of the current economic conditions was 85.6, which is the highest reading since January 2008, and much improved from the 82.9 previously reported in early June. The component was up from 81.0 in May and surpassed the 82.9 expected by economists.
The gauge of consumer expectations rose at a slower pace to 69.8 this month from 68.8 in May, missing the 70.9 expected by economists.
The barometer of consumer sentiment is closely watched, as spending by consumers accounts for roughly 70 percent of the U.S. economic activity.
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