April 26, 2013

Thomson Reuters/University of Michigan: Consumer Confidence Withstands Boston Bombing

Thomson Reuters/University of Michigan Survey of Consumers findings for March

ANN ARBOR - The overall level of confidence declined in April from March, but was identical to last April reading. Most of the April loss was in how consumers viewed future economic prospects. In particular, consumers were less optimistic about the ability of the economy to continue to expand without a renewed downturn sometime in the next five years. The strengths in consumer spending are now attributable to gains in household wealth, including rising home values and stock prices as well as reduced debts. Indeed, favorable attitudes toward vehicle and home buying conditions continued to point toward improved sales of homes and vehicles during the year ahead.These improved trends have been particularly strong among upper income households.