Survey: Consumers Relieved By End To D.C. Gridlock
U.S. consumer confidence continued to improve in December, with an apparent federal budget agreement bringing faith in the economy back to levels seen before the fiscal budget crisis in mid-2013, according to a monthly survey by the University of Michigan and Thomson Reuters.
Consumer sentiment climbed to 82.5 out of 100 this month, compared with 75.1 in November and 72.9 in December 2012.
The end of the government shutdown continued to ease concerns about the economy, but confidence in the government’s economic policies did not improve. Most of the gains were attributed to more favorable buying plans due to renewed discounting as well as more favorable short-term economic prospects, the survey said.
Buying attitudes toward homes, vehicles and durable household goods all improved during December, as did personal finances ¬¬– the most critical factor in consumer spending. Those gains were mostly due to improved home values and stock holdings, which primarily benefited the wealthiest third of Americans. Confidence improved among households with income less than $75,000, as well as among higher-income households.
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