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Consumer Confidence on the Rise
Signaling rising expectations that the recession is waning, U.S. consumer confidence rose in early May to its highest level since the financial meltdown last fall that started with the demise of Lehman Brothers. The Reuters/University of Michigan Surveys of Consumers said its preliminary index of confidence for May rose to 67.9 from 65.1 in April. The index of consumer expectations jumped to 69.0 in early May, its highest since October 2007 and up from 63.1 in April. However, a majority of consumers in early May said their financial situation had worsened due primarily to income declines, shorter work hours and lost jobs, according to the survey. "Consumer confidence rose in early May as consumers became increasingly convinced that the economy is in its final stages of contraction, and paradoxically, that their personal finances would remain dismal and keep their spending at reduced levels for the foreseeable future," the report said.
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Date Last Updated: 05/20/2009
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