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May 31, 2013

Thomson Reuters/University of Michigan: Surge in Consumer Confidence

ANN ARBOR. A rising stock market and higher home prices prompted consumers to report their most improved financial situation in more than five years. The May gain was largest among upper income households (incomes above $80,000), although gains were recorded across all income groups. The overall mix of economic news recent-ly heard by consumers was the most positive it has been in the past ten years, leading households to adopt the most improved outlook for the national economy since 2007. Importantly, the most common news item that consum-ers mentioned hearing was about rising employment, cited by one-third of all consumers. Moreover, consumers also expressed the most expansive buying plans since 2007.

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