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-A rising stock market and higher home prices prompted consumers to report their most improved financial situation in more than five years, 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) since 1946, monitor consumer attitudes and expectations. The May gain was largest among upper-income households (incomes above $80,000), although gains were recorded across all income groups. The overall mix of economic news recently heard by consumers was the most positive it has been in the past 10 years, leading households to adopt the most improved outlook for the national economy since 2007. Importantly, the most common news item that consumers mentioned hearing was about rising employment, cited by one-third of all consumers. Moreover, consumers also expressed the most expansive buying plans since 2007.
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