The weekly Bloomberg measure of consumer confidence is more positive
than recent monthly measures by other surveys. Consumer sentiment in
the U.S. increased last week by the most since mid-November as
households grew more optimistic about the economy and buying climate.
The
Bloomberg Consumer Comfort Index climbed to 36.8 in the period ended
October 5 from a four-month low of 34.8. A gauge of attitudes about the
world's largest economy registered the biggest increase since 2007.
According
to Bloomberg, a pickup in hiring, more job openings and lower gasoline
prices are combining to brighten Americans' spirits even as the stock
market languishes. While today's figures showed confidence improved
among the college educated, homeowners and almost all income groups, the
weekly gain left sentiment close to its third-quarter average.
The
Bloomberg gauge of sentiment about the state of the economy, climbed to
25.6 last week, the highest since the end of August, from 22.4.
The
buying climate index, which asks whether this is a good time to make
purchases, increased to 33.8, the highest since mid-July, from 31.9.
Bloomberg
stated that the gain probably reflected cheaper prices at the gas pump,
which helps free up money to spend elsewhere. The average nationwide
cost of a gallon dropped to an eight-month low of $3.27 on Oct. 7,
according to data from AAA, the nation's largest motoring group.
The Bloomberg measure of personal finances rose to 51 from 50.2, extending to 19 the number of weeks it's held above 50.
Today's
report showed confidence among homeowners rose to its highest level
since December 2007. Sentiment also improved for renters, though the gap
between the two groups was the second-largest in four years.
Confidence
among those earning more than $100,000 a year also advanced this week
to 61.6, the highest level since the middle of April. Among those
earning less than $50,000 confidence increased to 25.7, narrowing the
gap between the two income groups after it reached its widest point
since November. Sentiment rose in six of seven wage brackets.
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