Consumer confidence index highest in six months
Consumer confidence has risen for the first time since early January, a fact that is evident from the reading on the consumer confidence index. A leading economist has said that this may be the proof that warm and sunny weather is changing the mindset of consumers. With customers more confident about the economic growth for the first time in years, the slump in growth due to the intense winter is finally behind us.
The consumer confidence barometer that is being observed keenly by economists and financial analysts has finally shown a reading that shows signs of an optimistic economic growth. On Tuesday, a report by the Consumer Board highlighted that the slump in economic growth was due to the chill wintry months.
Director of Consumer Economics, Chris Christopher, who works for IHS Global Insight said that March heralded a considerable progress in terms of economic growth, thereby implying that the economic blues were a thing of the past. The last couple of weeks have shown a rapid growth in economic activity by government as well as private enterprises. While factory output and retail growth showed signs of improvement in February, the labour market showed signs of improvement through the months of December and January.
Policy makers at the Federal Reserve, have continued the trend of decreasing the key stimulus program and are indicating that the short term rates may show an increase from the current lows that have been existent since the end of 2008. Nearly 70 percent of the growth in the economic sector and the increasing confidence levels makes them open to spending in restaurants, super markets, malls and also towards purchasing homes and cars.
Economists have opined that the weather was a huge deterrent to the economy during the winter months. This just became more evident on Tuesday with the consumer confidence index reading better than ever.
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