Survey Says Consumer Confidence Improves in May

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In a recent survey conducted by the Reuters/University of Michigan Surveys of Consumers, consumer sentiment increased to 68.7 points from 65.1 in April.

This trend, which is the highest since September, is said to be the result of government fiscal and monetary policies that aim to curb recession.

Consumer confidence in the US improved in May which has been the highest for the past eight months as government fiscal and monetary policies have curbed the impact of global economic recession.

In a recent survey conducted by the Reuters/University of Michigan Surveys of Consumers, consumer sentiment increased to 68.7 points from 65.1 in April. With this trend, experts said that consumer spending, which contributes to 70 percent of the country’s economic activity, is slightly improving.

Analysts said that the result proves that people, despite indispensable income and high unemployment rate, are starting to regain their confidence with the economy compared to the previous months.

Despite some improvements, experts said that many people are still concern over the weak labor market and the continuous layoff of business giants. With this belief, analysts said that drastic improvement in consumer confidence will only happen if such issues will be resolved by the government.

Earlier report said that pessimism over the economy can further aggravate recession as economic sectors such as retailer, airliner, technology, Internet, and amusement businesses teeter from weak consumer spending.

Meanwhile, some analysts predicted that recession may end in 2009 and the economic condition will improve for the next year.

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Survey Says Consumer Confidence Improves in May

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