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Rise in US Consumer Confidence Reported

08 may 2009

AFNS reports that according to a survey carried out by the University of Michigan and Reuters, during the month of April US consumer confidence rose but it is still hovering at relatively low levels, israelidiamond.co.il writes.
The consumer confidence index rose from 57.3 in March to 65.1. In mid-April, the estimate stood at 61.9. Economists anticipated a score of 62 for the month of April.
Richard Curtin, director of the Reuters/University of Michigan Surveys of Consumers, stated: "Two-thirds of all consumers anticipated that the economic policies of the Obama administration will be effective in improving national economic conditions, with most of the gains anticipated over the next several years.”
The figure for April is the highest since last September. This would appear to suggest that consumers are encouraged by the current recovery in global stock markets and the possible bottoming out of the recession. In November the index plummeted to a three-decade low of 55.3.
65% of the consumers polled believe that President Obama's economic policies will lead to an improvement in the national economy, and 43% stated that they will improve their personal financial position. However, consumers still note their concern regarding personal finances and are continuing to cut down on spending.
Curtin added: "Despite the strong improvement expected in the overall economy, consumers reported only marginal gains in their job and income prospects.”
A Conference Board report also shows that consumer confidence is increasing. The U.S. consumer confidence index showed a marked rise from 26.9 in March to 39.2 in April.