We Feel Great, Oh Yes, We Feel So Great: Consumer Sentiment At 4-Year High

Since buying stuff helps make the economy go round, we like to consider ourselves somewhat of a cheerleading section for consumers who are keeping upbeat about spending, giving the entire country a boost. So congratulations, everyone — the U.S. consumer sentiment index is at its highest level in more than four years in early May. Commence cheering.

Reuters reports that the new numbers come from data culled by Thomson Reuters and the University of Michigan, which shows American are remaining upbeat about the job market.

The overall index improved to 77.8 from 75.4 in April, which was better than a predicted forecast of 76.2. We haven’t been coasting on a level that high since January 2008. Break out the party hats!

Even though job growth has slowed down recently, almost twice as many consumers said they’d heard about new job gains more than job losses, the survey said. However, we were only a little bit more optimistic about declines in the unemployment rate than we were a year ago, with only one in four expecting it to fall.

Another good sign of spending are plans consumers have been making to buy vehicles and durable goods, with 65% saying they liked the conditions right now, the biggest percentage in over a year.

“Households are feeling more comfortable. It’s pretty good news for consumer spending,” said Gus Faucher, senior macroeconomist at PNC Financial Services in Pittsburgh.

Good job, everyone. Pardon me while I go buy that (miniature toy) Mercedes I’ve been eyeing.

US consumer sentiment at 4-year high in early May [Reuters]

Comments

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  1. Nobby says:

    Rueters say we should be feeling great, Faux news says these are the worst days in the history of the world. I just don’t know who I can trust to tell me how I should feel anymore.

    • Kuri says:

      Of course Fox would say that. Their entire revenue stream depends on people being scared and misinformed.

  2. Cat says:

    The consumer sentiment I am feeling is not the sentiment they are looking for.

  3. Blueskylaw says:

    The Dow Jones is in negative territory as I am writing this.

  4. Nobby says:

    The House Budget Committe voted to cut my civil service pay by 5% this week. However, after reading this article, I feel better about it.

  5. lovemypets00 - You'll need to forgive me, my social filter has cracked. says:

    I don’t feel great at all. My wages are stagnant, and every time I turn around, things cost more. And then, when I see stories about people who do buy things, and have problems with them, and can’t get the problems resolved, I think “do I really want to buy a new TV/laptop/tablet just to have my hard saved money go down the drain?”

    I feel like I’m in that garbage shute on Star Wars, and the walls are closing in.

    • ferozadh says:

      The question is are you the garbage or are you Leia?

    • BennieHannah says:

      US Economy: The Suck is Strong in This One.

      Stalled pay, no cost of living increases. Rising prices, lower quality. Trying to launch two young adults into an economy where they will have little chance at a livable wage with healthcare benefits while at the same time preparing for our own (increasingly unlikely) retirement. Even though our son is immigrating to Australia, I’m hamster-cheeking every bit of money I can, and cutting costs in every way possible. That means, no meat, fish on Fridays. Restaurant meals on special occasions. Goodwill clothing. These 20+year-old appliances will have to do, and this summer I’ll be repainting the kitchen cabinets for the third time, and repainting the interior walls and trim myself when I had really really hoped to hire someone to at least help. It was a huge job when I did it ten years ago.
      On the plus side, painting gives is a good upper arm workout! I can cancel my gym membership…oh, wait…I did that four years ago when I purchased a Craigslist treadmill.

  6. ferozadh says:

    77.8 is a bigger number than 76.2 and definitely bigger than 75.4 so I should feel good about this.

  7. Warren - aka The Piddler on the Roof says:

    I feel good, I feel great, I feel wonderful…
    I feel good, I feel great, I feel wonderful…
    I feel good, I feel great, I feel wonderful…
    I feel good, I feel great, I feel wonderful…
    I feel good, I feel great, I feel wonderful…

  8. Shorebreak says:

    I’m going out and buy a new yacht and Lear jet tomorrow I feel so good. What’s the problem?

  9. vicissitude says:

    This is nuts. We’re in for more bad with banking issues and it’s not over yet by a long shot. Banks still hiding debt. TARP and it’s offshoot programs still subsidizing the industry with American money. Millions of foreclosures still on bank books, because they can borrow money based on those Government programs. What America and the world is experiencing is the longest running economic death in history. Really dumb for thinking this report means anything. Yay! Go somewhere else and cheer while millions of Americans continue to suffer, with more suffering on the way…

    • Galium says:

      When the masses read crap like this they think things are getting better, which is the reason for the propaganda in the first place. Six other suveys could have the opposite results but they would be downplayed as those surveys don’t conveywhat the powers want. TARP = the midle class bailing out the 1% then taking the hit for the cost of TARP by pay decreases, job loss etc. FT1%

  10. prizgrizbiz says:

    I guess we can just ignore the Occupy/tuition/student loan/weak dollar/Europe worriers then!!

  11. JJFIII says:

    Negative territory since when?
    It closed on Friday at 12,821
    It closed last year at 12,218 That is a 4.9% gain in less than 6 months. I like that kind of growth rate in my stocks and 401k’s
    On January 20, 2009, the day Obama took office it closed at 7949. That is a 61.3% gain in 3 years and almost 4 months. I can live with that.
    By the way, Bush Juniors last day in office it closed at 8,281
    His first day was at 10,578. A 21.7% drop in value.

    • webweazel says:

      SHHHHHHH! Who the hell do you think you are? Don’t ever forget that the recession and unemployment is ALL OBAMA’S FAULT! Do not ever throw actual FACTS around to dispute that idea! Dammit! It has nothing to do with deregulation of the banking system or the unsustainable housing bubble! It has nothing to do with Bushes, Clinton, nor Reagan! It has nothing to do with the “presumed idea” that this ball of flaming shit was handed to Obama on his inauguration day! NONONO! It’s ALL OBAMA’S FAULT! And I know I’m right because I use so many more exclamation points than you do! !11ONE!!1!ELEVENTY1!!!!

      /s

  12. ancientone567 says:

    Don’t tell me what to believe! We all the know the truth. We are in a depression now STFU!

  13. B2BigAl says:

    I think it’s just that psychologically, people are tired of the recession we’re in and they’re trying to convince themselves that things are getting better. It’s been termed “recession fatigue”. That’s not to say the media hasn’t been working to lul us into a false sense of security about the situation, but realistically, there’s really not much to celebrate. Unployment is still out of control (we all know 8.2% is total fuzzy math BS, it’s much higher than that), the stock market is just a house of cards waitin to collapse, home prices are their lowest since the recessions started, and high inflation is coming sooner or later. Oh well, might as well smoke em if ya got em.