That's the preliminary finding from the Thomson Reuters/University of Michigan consumer sentiment index. The index, which has been surveying 500 consumers on their perception of the economy every month since 1946, saw consumer sentiment rise from 76.4 in April to 83.7 in May, the highest reading since July 2007. As Bloomberg Businessweek reports:
There’s a lot for consumers to fret about, from elevated long-term unemployment to the January payroll tax hike and the automatic, across-the-board federal spending cuts that began in March. But those factors seem to be trumped, for now, anyway, by a buoyant Wall Street, cheaper pump prices, and a revival of the housing market.
“It’s not an optimistic consumer, but it’s a resilient one,” Michael Englund, chief economist of Action Economics in Boulder, Colo., told Bloomberg News before the Michigan data release.
Justthat the U.S. economy is on its way back.
Consumers Are the Happiest Since 2007 [Bloomberg Businessweek]
Photo: Flickr/Mark Nye, Club of Human Beings
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