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Consumer Comfort in U.S. Improves to Highest Since Early April

A weekly measure of U.S. consumer confidence advanced to the highest level early April.

Consumer Comfort in U.S. Improves to Highest Since Early April
Shoppers wearing protective masks walk through the Queens Center shopping mall in the Queens borough of New York, U.S. (Photographer: Peter Foley/Bloomberg)

A weekly measure of U.S. consumer confidence advanced to the highest level early April as sentiment about personal finances approached pre-pandemic levels.

The Bloomberg Consumer Comfort Index rose 1.9 points to 49.8 last week, data released Thursday showed. While the gauge has gained 15.1 points since hitting a six-year low in mid-May, it remains well below readings prior to the coronavirus-related shutdowns.

Gauges of comfort in personal finances and the buying climate both rose 2 points last week, while a measure of the economy gained 1.8 points. At 66.2, the finances index is just 2.4 points below its mid-March level. Such optimism may support further growth in consumer spending, which accounts for about two-thirds of the economy.

The rise in optimism in the latest week was concentrated among women and lower-income Americans. The measure among women increased 3.4 points this week to 46, the highest since early April.

Comfort among Americans with annual household incomes less than $50,000 rose 3.9 points to 40.5, narrowing the sentiment gap between Americans with lower and higher incomes.

©2020 Bloomberg L.P.