U.S. Economy: Confidence Rises as Consumers See Brighter Future

I simply will not accept negative comments about the economy. There are no more excuses everyone! Do something to make your business better or get out of the way. There are simply no more excuses.
Luis Luarca

By Courtney Schlisserman and Bob Willis, BusinessWeek.com

Dec. 29 (Bloomberg) — Confidence among U.S. consumers improved in December for a second month as Americans grew less concerned about the immediate future, pointing to an economy that will keep expanding into 2010.

Attitudes about current conditions decreased to the lowest level in 26 years and wage expectations also fell, a reminder that the worst employment slump in the post-World War II era has shaken consumers. Gains in home and stock prices are helping households recover some of the record $17.5 trillion plunge in wealth, which may help sustain spending next year.

“We’re going to need a more definitive improvement in the labor market before confidence improves more than it has,” said Michael Moran, chief economist at Daiwa Securities America Inc. in New York, who forecast a rise to 53 for confidence. “The housing numbers are encouraging, but apparently they’re not having much influence on consumer attitudes. Consumers are focusing more on the job market than the housing market.”

Read more at businessweek.com

Leave a Reply