Consumer Sentiment in U.S. Increases to Six-Year High July

Americans are feeling better and better about the economy.

The Thomson Reuters/University of Michigan final index of consumer sentiment advanced to 85.1 in July from 84.1 at the end of June. Economists in a Bloomberg survey called for 84, according to the median projection after a preliminary reading of 83.9.

Enlarge image Michigan Consumer Sentiment Index Increased to 85.1 in July

An increase in personal wealth tied to higher property values and stock portfolios is keeping confidence elevated and consumers spending. Stronger finances, along with job gains that have picked up from the second half of 2012, are also helping blunt the effects of higher payroll taxes.

“The labor market’s better, you’re seeing home prices rise, you’re seeing equity prices rise, so there are a lot of things out there to be positive about,” said Brian Jones, senior U.S. economist in New York at Societe Generale, who predicted an increase in confidence from June. “If you think about the things that drive consumer confidence, they should be rising as well through the end of the year.”

By: William

retired military , former cop, lifelong gym rat and doting grandfather alive and living in Maine