Custom Search

Friday, July 13, 2007

Michigan Consumer Confidence Index Gains to 92.4

" Confidence among U.S. consumers unexpectedly jumped the most since October this month, helped by an unemployment rate close to its lowest in six years and gains in incomes.

The Reuters/University of Michigan's final preliminary index of consumer sentiment rose to 92.4 from 85.3 in June, which was the lowest in 10 months. The reading compares with an average of 88.6 in the 12 months through June. "

That is a fairly decent jump... and honestly quite surprising. Gasoline prices have risen 31% this year. That combined with weakening housing prices and rising rates should have but somewhat of a damper of consumer confidence.

Source: U.S. Michigan Consumer Confidence Index Gains to 92.4 (Update1) (http://www.bloomberg.com/apps/news?pid=20601087&sid=anjtso261iho&refer=home)