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February 28, 2014

Thomson Reuters/University of Michigan: Weather Freezes Confidence in Place

Consumer confidence has remained essentially unchanged since December.

ANN ARBOR - Despite the harsh winter, consumer confidence has remained essentially unchanged since December. The weather has had the greatest impact on those over age 65, largely due to the higher cost of utilities. It had the least net impact on those under age 35, as the winter weather was offset by gains in income and employment. While upper income and older consumers have been helped by gains in home and stock values, the recent gains by younger consumers, who suffered most in the aftermath of the Great Recession, finally expect their situation to improve. While spending will slow from the very positive rate of growth in the last half of 2013, renewed growth can be anticipated in the months ahead.

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