Good news — consumer confidence is now at its highest level since 2007. You know, because the economy is getting worse!
WASHINGTON (MarketWatch) — Consumer sentiment has jumped up again, pushing past analysts’ expectations to stand at the highest level in more than five years, according to data released Friday.
The University of Michigan-Thomson Reuters sentiment gauge rose to 83.1 in a preliminary October reading — the highest level since September 2007 — from a final September reading of 78.3. Consumers’ sentiment has been increasing since August, with September seeing a four-point gain, following a two-point rise in August.
Are average consumers also a party to the vast liberal conspiracy to fix economic data?
Like it or not we live in a consumer-driven economy and an uptick in consumer confidence may lead to an increase in demand. A lack of demand is what has prevented the economy from recovering more swiftly here at home and abroad.