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Tuesday, May 26, 2009

US consumer confidence surges

MORE PEOPLE FEEL CONFIDENT THE ECONOMY IS GETTING BACK ON TRACK

CONFIDENCE among US consumers jumped this month to the highest level since September, reflecting growing perceptions that the job market will improve.
    The Conference Board's sentiment index surged to 54.9, higher than forecast and the biggest gain since April 2003, the New Yorkbased research group said.
    Recent stock market jumps, low mortgage rates and smaller job losses are brightening outlooks and fueling forecasts that the economy will return to growth in the second half of the year. Still, the loss of wealth from the slump in real estate and still-tight credit may temper a comeback in consumer purchases.
    Consumer confidence was projected to rise to 42.6, according to the median estimate in a Bloomberg News survey of 70 economists. Forecasts ranged from 38.5 to 47. The index averaged 57.95 last year.
    The Conference Board revised the April reading up to 40.8 from an originally reported 39.2.
    The Conference Board's measure of present conditions increased to 28.9 from 25.5 the prior month. The gauge of expectations for the next six months jumped to 72.3, the highest level since December 2007. The share of consumers who said more jobs will be available in the next six months climbed to 20%, the most in more than five years. The proportion of people who said they expect their incomes to rise over the next six months rose to 10.2% from 8.3%.
    The proportion of people who said jobs are currently hard to get fell to 44.7% from 46.6%. The share saying jobs are plentiful now increased to 5.7% from 4.9%. The latest confidence figures corroborate other reports. The Reuters/University of Michigan preliminary index of consumer sentiment rose this month to the highest level since before the collapse of credit markets last year worsened the recession. — Bloomberg
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