U.S. Consumer Comfort Rises to Five-Week High on Economy Views

(Bloomberg) -- U.S. consumer confidence advanced to a five-week high as resilient job growth boosted Americans’ views of the economy, the Bloomberg Consumer Comfort Index showed Thursday.

Highlights of Consumer Comfort (Week Ended June 10)

  • Weekly index increased to 55.8 from 54.8
  • Gauge tracking current views of the economy rose to 56.6 from 54.9; 1.7 point advance biggest since mid-February
  • Measure of buying climate advanced to 48.3 from 47.3
  • Comfort index of personal finances edged up to 62.5 from 62.1

Key Takeaways

A better-than-expected May jobs report that showed an unemployment rate at 3.8 percent, matching the lowest level since 1969, underscores Americans’ brighter views of the national economy. A steady retreat in gasoline prices from a more than three-year high at the end of last month may also be bolstering attitudes. Elevated confidence, along with firm job growth, will probably help underpin consumer spending after a first-quarter lull.

Other Details

  • Comfort measure among men climbed last week and fell among women; gender gap favoring men is widest since December 2006
  • Confidence of full-time workers exceeds that of part-time employees by the biggest margin since August
  • Sentiment for those without a high school education is lowest since the first week of January
  • Comfort rose more among Americans earning more than $50,000 a year than for those making less

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