Consumer Confidence Surged in Ventura County in May to Highest Level Since 2007
Ventura County and American consumers are feeling better about the economy than at any time in the last four years.
Consumer confidence surged in May to its highest level since October 2007, the ninth-straight monthly increase, according to the latest Thomson Reuters/University of Michigan Survey of Consumers released Friday.
More favorable outlooks on wages and jobs for Ventura County residents has helped boost confidence in May, up nearly 4% from April. This month’s figure was up 6.7% from a year ago.
Ventura County consumer confidence has been rising since August, when it bottomed out during the debate over raising the national debt ceiling.
The steady rise in Ventura County consumer confidence slowed to a crawl in April, but the outlook brightened significantly in May.
“Consumer confidence was nearly as high in the past two years before the gains were reversed,” said Richard Curtin. “The upbeat consumer reports on jobs could mean that more positive numbers will soon be reported by the government, or that consumers have yet again pushed their expectations beyond the likely performance of the economy.”
Curtin said job growth for Ventura County in coming months will determine whether consumer confidence continues to rise.
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Source: Los Angeles Times, Jim Puzzanghera