News Column

Steady Job Growth Boosts U.S. Consumer Confidence

June 27, 2014

Christopher S. Rugaber, AP Economics Writer

Consumer confidence got a bump in June (AP)
Consumer confidence got a bump in June (AP)

WASHINGTON (AP) Strong job growth lifted U.S. consumer confidence this month, as Americans looked past the economy's dismal first quarter performance.

The University of Michigan says that its index of consumer sentiment rose slightly to 82.5 in June from 81.9 in May. That is still below April's reading of 84.1, which had been the highest in almost a year.

The reading suggests consumers shrugged off the economy's first quarter contraction. Still, the survey was conducted before the government said the economy shrank much more than previously estimated, at an annual rate of 2.9 percent rather than 1 percent.

And better confidence hasn't yet translated into more spending.

Steady hiring is improving American's finances, the survey found. Forty percent of respondents said their finances had improved in June, the most in seven years.

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Original headline: Steady job growth boosts US consumer confidence


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Source: Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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