U.S. consumer confidence surged to a six-year high in May thanks to a rising stock market and cheaper gas prices, the monthly Thomson Reuters/University of Michigan index of consumer sentiment revealed on Friday. The preliminary reading of the consumer sentiment rose to 83.7 in May from 76.4 in the previous month. This is the highest level since July 2007 and far above economists' expectation of 77.9. The index gauging consumer expectations for six months from now, which more closely projects the direction of consumer spending, climbed to 74.8 in May from 67.8 in April. The index of current conditions, reflecting Americans' perceptions of their financial situation and whether they consider it a good time to buy big-ticket items like cars, rose to 97.5 in May from 89.9 a month ago. The index averaged 64.2 during the last recession from December 2007 to June 2009, and 89 in the five years leading up to the recession. Some economists were taken aback by the consumer's resilience to tax hikes and sequestration. Lower prices at the pump, a rally in the stock market and a recovery in home sales help lift American's outlook on the economy. Survey results of consumer gauge are released twice each month.
GMT 17:19 2018 Thursday ,11 January
China factory gate inflation slows to 13-month lowGMT 17:50 2018 Wednesday ,10 January
German industrial output rebounds in NovemberGMT 17:39 2018 Wednesday ,10 January
Samsung tips record Q4 operating profit of more than $14 bnGMT 17:29 2018 Tuesday ,09 January
German industrial orders dip in NovemberGMT 15:36 2018 Thursday ,04 January
China factory activity accelerated in December: CaixinGMT 13:33 2018 Wednesday ,03 January
Turkey inflation rate eases but still stubbornly high in DecemberGMT 16:27 2018 Monday ,01 January
China manufacturing activity slows in DecemberGMT 17:36 2017 Sunday ,31 December
Spain to leave EU's deficit 'sin bin' next year: Rajoy
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor