Industry News: Around the Industry

Consumer Confidence At Highest Level Since 2007

The latest Survey of Consumers released May 25 by Thomson Reuters and the University of Michigan reported that Consumer confidence improved in each of the past nine monthly surveys, rising to its highest level since October 2007.  More favorable job and wage prospects were the main factors behind the improved outlook.

Record numbers of consumers mentioned that they heard of favorable employment trends despite the jobs slowdown recently reported by the Labor Department. The continued revival of consumer confidence critically depends on renewed job growth. One issue that only a few consumers even mentioned was the potential impact on the domestic economy from the European financial crisis.