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January 31, 2014

Thomson Reuters/University of Michigan: Recent Gains Keep Confidence Warm

ANN ARBOR - Consumer confidence edged downward in the January survey, although the overall falloff was minor. Unfortunately, in the months ahead larger than normal home heating bills caused by the frigid weather will strain budgets across the country, with the greatest negative impact on lower income households. Slowing gains in stock and home values will also curtail the rate of spending growth by upper income households. Vehicle and home sales will continue to improve during the year ahead, although the pace of gains in overall consumer expenditures will slow in 2014 from the exceptional 3.3% pace in the 4th quarter of 2013.

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