Tuesday, April 27, 2010

Wells Fargo Reports: Consumer Confidence Rises Solidly in April

The Wells Fargo Economics group reports today that Americans' perceptions that labor market conditions are continuing to improve helped pull the Consumer Confidence Index higher in April.

The overall index rose 5.6 points to 57.9, the highest reading since September 2008. Even though the Consumer Confidence Index has increased only modestly from its recession lows, attitudes have improved enough to drive healthy gains in spending. Overall retail sales increased at an 11.03 percent annual rate during the first quarter, with spending rising for motor vehicles and a broad assortment of spending categories.