Richard Curtin. Image courtesy of D.C. Goings
Diane Swanbrow, (734) 647-9069, swanbrow [a] umich (p) edu or Surveys of Consumers, (734) 763-5224 or Thomson Reuters PR Hotline, (646) 223-7222, ext. ANN ARBOR-Consumer confidence continued to improve in March due to more positive signs of expanding employment, according to University of Michigan economist Richard Curtin, director of the Thomson Reuters/University of Michigan Surveys of Consumers. The surveys, conducted by the U-M Institute for Social Research, have been monitoring consumer attitudes and expectations for more than 60 years. Rising home prices also had a positive impact on consumer balance sheets and their willingness to purchase homes and vehicles, according to Curtin. The major problem now facing consumers is meager income increases, with half of all consumers expecting price increases to exceed income gains during the year ahead. While the cuts in federal spending and the hike in payroll taxes will be a drag on economic growth, consumers now anticipate that accelerated job gains will provide an improved financial situation and enable moderate economic growth. "Although confidence dipped in early March, since the middle of the month consumers have expressed improved prospects for economic growth.
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