Unemployment has improved. Home sales have not. Other economic data appears to favor a growth in confidence among consumer and not a drop. Data from the University of Michigan and Conference Board seem to indicate that the overall outlook of most American is positive. Whether that continues will be based on things like whether tax cuts are extended and if unemployment continues to improve
The latest data on confidence is from Gallup, and it is positive.
Americans’ confidence in the economy improved for the fifth month in a row in January, with Gallup’s Economic Confidence Index reaching -27, its highest point since May of last year. Confidence is improving across all income groups.
And
Americans’ confidence in the economy has been improving every month since August, when it hit recession levels, plummeting to -52 after the heated battle over the federal debt ceiling in Washington, and Standard and Poor’s subsequent Aug. 5 downgrading of the nation’s credit rating. Weekly economic confidence was relatively high throughout January, ranging from -29 to -25. The -25 recorded last week and in the week ending Jan. 22 are the best weekly readings since May 2011.
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