ANN ARBOR. Consumer confidence reached its highest level in six years in the July 2013 survey. This was the third consecutive month that consumer confidence has been higher than in any prior month since the July 2007 survey. This persistently high level of confidence points toward a continued expansion in consumer spending dur-ing the year ahead. Importantly, along with renewed signs of income and job growth, consumers hold favorable buying attitudes, especially for interest sensitive purchases of vehicles and homes. Rising stock and home values continued to bolster confidence, especially among higher income households. Home values were reported to have increased by the highest proportion of homeowners in the past six years.

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