US Consumer Confidence Hits Six-Year High
(NEW YORK) -- Consumer confidence in the U.S., an important gauge of how good Americans feel about their financial situations, isn't back to levels before the Great Recession but it is inching closer.
The Conference Board’s index climbed to 85.2 in June, the best showing since January 2008. This was slightly better than economists had predicted, given that the index was 82.2 last month.
Although polls have shown most Americans are still not happy with the direction of the economy, signs are pointing upwards with some gains in employment, fewer firings and stock prices at record levels, which normally benefit high-income earners.
The latest confidence survey also revealed that Americans plan to buy more big ticket items in the next six months such as previously-owned homes, cars and major appliances.
A truly improving economy would show the Consumer Confidence Index at 90. The last time that happened was December 2007. Just over a year later, with the Great Recession in full swing, it slipped to under 30.
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