Consumer expectations have reportedly risen to higher levels than anticipated.
Press Release Service – Wired PR News – Consumers are said to have become less pessimistic about the economy since the beginning of the recession. As reported by the Associated Press (AP), the Consumer Confidence index of the Conference Board rose by more than six percent in August, signaling changing attitudes about the economy. Despite the index number still being below the level equated with a healthy economy, the increase is higher than previously anticipated by economists.
Sal Guatieri, BMO Capital Markets economist, is quoted by the AP as stating of the implications the index increase will have for the consumer spending, “It won’t be a smooth ride, but with consumer confidence now tracking higher, the groundwork for a sustainable recovery appears to be in place.”
President Barack Obama is further quoted as stating of recovery records on Tuesday, “Our auto industry is showing signs of life… Business
investment is showing signs of stabilizing. Our housing market and credit markets have been saved from collapse.”
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