Consumer Confidence at Highest Level Since January 2008, Largest 6-Month Gain in 15 Years
NEW YORK (Reuters) - U.S. consumer sentiment rose in late September to the highest since January 2008 as expectations of an economic rebound gathered momentum, a survey showed on Friday (see chart above). The data added to indications the economy is pulling out of a lengthy recession more powerfully than many analysts had expected a few months ago, although doubts persist about how much staying power the rebound may have.
The Reuters/University of Michigan Surveys of Consumers said its final index of sentiment for September rose to 73.5 from 65.7 in August. This was above economists' median expectation for a reading of 70.3, according to a Reuters poll.
MP: The 16.2 point increase in Consumer Sentiment from 57.3 in March to 73.5 in September of this year is the largest six-month gain in consumer confidence in 15 years, going all the way back to January of 1994, and it's the third biggest 6-month gain since 1990 (see chart below).
The Reuters/University of Michigan Surveys of Consumers said its final index of sentiment for September rose to 73.5 from 65.7 in August. This was above economists' median expectation for a reading of 70.3, according to a Reuters poll.
MP: The 16.2 point increase in Consumer Sentiment from 57.3 in March to 73.5 in September of this year is the largest six-month gain in consumer confidence in 15 years, going all the way back to January of 1994, and it's the third biggest 6-month gain since 1990 (see chart below).
The Gallup Consumer Confidence Index is also at the highest level since January 2008, see chart below.
4 Comments:
Measuring consumer confidence and expecting it to mean anything is even more foolish than expecting consumer spending to drive an economy. Oh well, as they say, markets in everything -- even stupidity.
Where was this chart when consumer confidence was down in July and August?
With the consumer improving and Christmas around the corner, the economy is sure to recover in no time.
Steve, I don't know where you've been shopping. I manage an American Eagle in Southern California and business is awful. We just had our back to school sale which barely paid the bills. My district manager is breathing down my neck for more sales. I've increased sales in six stores before now and can't get things going now. About one in every four stores in the mall are closed and there are only two restaurants left in the food court. We're already gearing up for X-mas. The district manager expects same store sales to be better than last year but that's not saying much. Not one other AEO I know is making money. My friends at other retailers are not doing any better.
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