NEW YORK (2/14/14)--Although dismal weather seems to abound, there is a sunnier picture being painted of consumer confidence, according to the most recent Bloomberg Consumer Comfort Index (CCI).
Bloomberg reported Thursday that for the first time in five weeks, Americans are feeling a bit more upbeat about the nation's economy. In fact, CCI increased to minus 30.7 in the week ended Feb. 9, up a good bit from minus 33.1 the prior period. Also of note is that one measure of the state of the economy jumped to the highest level it's been since September.
So what's behind the boost in outlook? Bloomberg posits that for high-income earners it was likely last week's rebound in stock prices. For others it may have been reports of faster job creation, which comes hand in hand with stronger wage growth. That in turn boosts consumer spending, which Bloomberg notes accounts for 70% of the economy.