Consumer Confidence Continues to Rise
MARQUETTE, MI – (Great Lakes Radio News) – A University of Michigan economist says consumer confidence reached its highest level in six years in July.
Richard Curtin, director of the Thomson Reuters/University of Michigan Surveys of Consumers, said this was the third consecutive month that consumer confidence has been higher than in any prior month since the July 2007 survey.
Curtin says this persistently high level of confidence points toward a continued expansion in consumer spending during the year ahead.
He adds that along with renewed signs of income and job growth, consumers hold favorable buying attitudes, especially for interest-sensitive purchases of vehicles and homes.
The Consumer Sentiment Index was 85.1 in the July survey, up from 84.1 in June and 84.5 in May, and well above last July’s 72.3.
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