From Nomura, commenting today’s University of Michigan consumer confidence report…One thing is clear from the University of Michigan survey: consumers have heard good news about employment. A third of consumers reported hearing positive news about the labour market and job opportunities, the most recorded in the history of the survey. Also, the highest proportion since 2004 expected declines in the unemployment rate in the coming year, after it fell to 8.26% in the January report.
And of course it’s not just about perception and hype.
Between this week’s Kansas City Fed index the ongoing decline in initial claims, things are looking good on this crucial front.
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