Consumer confidence on the rise

The University of Michigan-Thomson Reuters Consumer Confidence Index rose in September to 78.3, its highest level since May.

The index improved from 74.3 in August.

“The improvement was due to a reduction in their debt levels and an increase in the value of their assets, primarily because of rising stock prices and home values,” said Richard Curtin, the survey’s chief economist. “Nonetheless, consumers anticipate a rocky economic road ahead. Small wage increases, rising food prices, slowly declining joblessness, higher taxes, and an overall economy that will not expand continuously but suffer some setbacks over the next several years.”

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According to the data released today, more consumers expect a continuing economic expansion than a contraction.

“In the September survey, more consumers spontaneously reported hearing news about job gains, and expected continued job gains during the year ahead,” the report stated.

However, most consumers expect small gains in wages, according to the report.

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