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| Home > News > Financial and Economic News > Consumer confidence in January higher than expected |
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| Consumer confidence in January higher than expected |
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| 1/28/2011
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Business owners and investors were treated to some promising economic news on Friday. A report that measures overall consumer attitude exceeded expectations, while the Commerce Department revealed that the economy expanded by 3.2 percent in the fourth quarter of 2010.
The Thompson Reuters/University of Michigan final index of consumer sentiment for January is 74.2 - slightly lower than December's figure but higher than the 72.3 that a Bloomberg survey had predicted.
Furthermore, consumer expectations for six months from now climbed to 69.3, which is the most positive outlook since June's index. The one-year economic forecast remained unchanged from December at 87, which is the highest level since September 2009. The sentiment index averaged 89 in the five years leading up to the recession.
"There’s a very solid foundation for very solid growth over the next couple of quarters," Eric Green, chief market economist at TD Securities Inc. in New York, told Bloomberg. "You’re seeing stronger views in terms of the outlook and firming views on economic conditions."
According to DailyFinance.com, the gross domestic product (GDP) grew at a 3.2 percent pace in the fourth quarter of last year. Although it was lower than some estimates, it exceeded the 2.6 percent pace of growth in the third quarter. |
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