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Consumer Sentiment Continues to Ascend
The confidence of U.S. consumers continued to increase in May, reflecting hopes that the economy will emerge from the protracted recession later this year. The Reuters/University of Michigan Surveys of Consumers said its final May reading on consumer sentiments was 68.7, higher than an early May figure of 67.9 and a final April reading of 65.1. "Compared with the state of the economy six months ago, consumers have indeed regained a good measure of confidence," Richard Curtin, director of the surveys, said. However, the shaky job market still has consumers concerned about their own finances, which means the confidence boost may not translate into a major spending boost. "Despite rising optimism about prospects for the overall economy, consumers still view their finances as out of balance with the economic realities they now face," Curtin said.
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Date Last Updated: 06/03/2009
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