Consumer confidence surged in May to highest level since 2007

Despite Europe's economic troubles, American consumers are feeling better about the economy than at any time since the start of the Great Recession.

Consumer confidence surged in May to its highest level since October 2007, the ninth-straight monthly increase, according to the latest Thomson Reuters/University of Michigan Survey of Consumers released Friday.

"Europe is in recession and China is slowing....But the American consumer is unmoved. In fact, they are downright optimistic," said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi in New York. "Consumer confidence at a new high should make us more certain that the consumer will continue to lead this recovery going forward."

More favorable outlooks on wages and jobs helped push the index to 79.3 in May, up nearly 4% from April's 76.4. This month's figure was up 6.7% from a year ago.

Read Full Article from Los Angeles Times

- Posted: 2012-05-25 11:23:47

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