Consumer Sentiment Steady: Bloomberg

Consumer sentiment last week held close to an almost seven-year high as falling gasoline prices kept Americans upbeat about the buying climate.

The Bloomberg Consumer Comfort Index eased to 39.8 in the period ended November 30 from 40.7, which was the highest since December 2007. A gauge of attitudes about whether it's a good time to spend stayed at the best reading since November 2007.

According to Bloomberg, households making their holiday gift purchases have become more optimistic as they pay the lowest prices for gas since 2010 and employment opportunities expand. Faster growth in wages and further improvement in the job market that reduces the number of long-term unemployed would help set the stage for bigger consumer spending gains into next year.

Another report today showed fewer Americans filed applications for unemployment benefits last week as employers retained staff to meet demand during the holiday season. Jobless claims fell by 17,000 to 297,000 in the week ended November 29, the Labor Department said.

The Bloomberg measure of consumers' views about the state of the economy slipped to 29.7, the second-highest since January 2008, from 30.9.

The gauge of personal finances declined to 54.6, the second-strongest reading since April 2008, from 56.1 a week earlier, while the buying-climate measure held at 35.1.

Americans age 18 to 34 were more upbeat last week than at any time since March 2008, today's report showed. Sentiment among those earning less than $50,000 a year climbed to the third-highest level since August 2013.