Bloomberg Consumer Comfort Index rises for for third straight week, capping the best quarter in eight years

Consumer confidence rose for a third straight week, capping the best quarter in almost eight years as greater purchasing power boosted Americans' views of their finances and buying climate, according to Bloomberg.

The Bloomberg Consumer Comfort Index climbed to 46.2 in the week ended March 29, its second-highest reading since July 2007, from 45.5 the prior week. The index averaged 44.7 in the first quarter, its best performance since the second quarter of 2007.

Bloomberg stated, Americans may be more inclined to spend as a stronger dollar makes imported merchandise cheaper and low gasoline prices lifts discretionary income.
Better employment opportunities, buying conditions and attitudes about household finances lay the groundwork for a pickup in consumer spending, which makes up about 70 percent of the U.S. economy.

Among the three components that make up the Bloomberg comfort index, the gauge of Americans' views of the buying climate increased by 1.5 points to 41.3 last week, the highest since March 2007.

The reading for personal finances climbed to 60.1, the second-highest since October 2007, from 58.9. The sentiment gauge about the state of the economy cooled to a three-week low of 37.1 from 37.7.

Confidence among seniors increased to the highest level since July 2007, while the outlook among the 18-to-34 year-old cohort rose to an 11-week high. It gained among all other age groups except those 45 to 54 years old.

Sentiment among wage earners making $25,000 to $40,000 was the strongest since November 2006. Confidence was also higher among those with incomes greater than $50,000.

KarlRove wrote:Confident? People can barely save money. 20% aren't saving money at all.

http://philadelphia.cbslocal.com/2015/03/31/survey-about-20-of-americans-arent-saving-any-of-their-income/

The reading for personal finances climbed to 60.1, the second-highest since October 2007, from 58.9. The sentiment gauge about the state of the economy cooled to a three-week low of 37.1 from 37.7.

Confidence among seniors increased to the highest level since July 2007, while the outlook among the 18-to-34 year-old cohort rose to an 11-week high. It gained among all other age groups except those 45 to 54 years old.

Sentiment among wage earners making $25,000 to $40,000 was the strongest since November 2006. Confidence was also higher among those with incomes greater than $50,000.

KarlRove wrote:If people can't save money they have no confidence. Your report is just more bS propaganda