US consumer confidence on the up, international savings account holders informed
International savings account holders have been told American shoppers have gained confidence this month, according to a new survey.
Research carried out by the Conference Board pushed its consumer confidence index up to 63.3 from April’s revised figure of 57.7, driven by growing perceptions of an imminent improvement in US economic conditions.
In a statement, Conference Board director Lynn Franco said: "Consumer confidence posted its third consecutive monthly gain and, although still weak by historical levels, appears to be gaining some traction."
Although the overall index, which also tracks business conditions and the jobs market, has been improving since hitting its all-time low of 25.9 in February, it remains below the reading of 100 that would indicate the American economy is experiencing solid growth.
Earlier this week, the National Association for Business Economics predicted expansion of 3.2 per cent during 2010 and 2011, with consequent falls in both unemployment and inflation.
Written by Charles Mackay