Consumer confidence took off in the first half of the year as consumers voiced the largest and most sustained increase in economic optimism since 2004.
That’s’ according to the University of Michigan Surveys of Consumers.
U-M economist Richard Curtin says that same feeling is held by households in the top third as by those in the middle and bottom thirds of the income bracket.
According to Curtin, consumer spending will remain the driving force of economic growth in 2015 with overall data indicating growth in consumer spending of 3 percent this year.
The Consumer Sentiment Index was 96.1 in the June survey, up from 90.7 in May and significantly above last June’s 82.5. Other than January’s 98.1, the June reading is the highest since 2007.