Job Growth Boosts Consumer Confidence to 6 Year High
Reprinted courtesy of TheCareerNews.com
NEW YORK, NY -- U.S. consumer confidence rose to its highest in six years for July, according to the New York-based Conference Board's index of consumer confidence. The increase stems from job and income growth and a drop in gasoline prices.
"An improvement in business conditions and the job market has lifted consumers' spirits in July," said Lynn Franco, director of The Conference Board Consumer Research Center, in a statement. "This rebound in confidence suggests economic activity may gather a little momentum in the coming months."
With consumer spending accounting for two thirds of the economy, robust confidence will help augment consumer spending in the next quarter. "The consumer economy, once again, remains on a firmer footing than it has generally been given credit for," said Richard DeKaser, chief economist at National City Corp. in Cleveland. "There is a generally healthy disposition among consumers. Even in spite of the pause in spending, we will see them come back."
Article abridged from The Conference Board, and reprinted from TheCareerNews.com. Get the latest breaking News, Tips and Tools for your job search, Free!
Leave a comment