Richard Curtin. Image courtesy of D.C. Goings
ANN ARBOR, Mich.-Consumer confidence edged upward as more favorable income and job trends offset rising gas prices, 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 (ISR), have been monitoring consumer attitudes and expectations for more than 60 years. Only among lower income households did higher gas prices marginally overwhelm increases in incomes and jobs. "More households reported an improved financial situation than anytime in the past four years and more consumers than ever before in the long history of the surveys reported hearing of improved employment conditions," Curtin said. Overall, the data indicates inflation-adjusted personal consumption expenditures can be expected to grow by 2.3 percent in 2012. "Although consumers are not yet optimistic about future economic prospects, pessimism has recently faded at a rapid pace. Perhaps too rapidly, as expected job and income gains may be unrealistically high for the economy to meet.
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