By Martin Wolk
Consumer sentiment inched ahead this month but remains at levels low enough to keep a damper on consumer spending.
The consumer sentiment index from Thomson Reuters and the University of Michigan rose to 57.8 from 55.7, which was slightly better than expected.
Consumer?expectations also inched ahead?--?from the lowest levels in more than 30 years.
"Overall, the data indicate that a renewed downturn in consumer spending is as likely as not in the year ahead," survey director Richard Curtin said in a statement, according to Reuters.?"Even without a downturn, consumer spending will not be strong enough to enable the rapid job growth that is needed to offset reduced long-term expectations."
The Michigan survey, based on hundreds of phone interviews each month, assesses how consumers feel about business conditions, buying conditions and their own finances. Consumer sentiment helps determine?consumer spending, a critical component of economic growth.
Stocks are up sharply this morning as traders await news from Europe, where finance ministers are meeting to try to hammer out a solution to the continent's debt crisis. The Dow is up about 88 points or 0.8 percent.
Here is Rick Santelli's report from CNBC:
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CNBC's Rick Santelli reports the Michigan consumer sentiment improves to 57.8.
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