University of Michigan
The April survey recorded continued gains in consumer confidence due to a growing sense that the upward momentum in jobs and incomes is likely to persist, according to the University of Michigan Surveys of Consumers.
The renewed confidence is due to record federal stimulus spending, both recent and proposed, as well as the positive impact from a growing share of the population who are vaccinated, said U-M economist Richard Curtin, director of the surveys.
The largest and most important change in the economic outlook was that an all-time record number of consumers expected declines in the unemployment rate in the year ahead. Overall, the data indicate an exceptionally robust outlook for consumer spending through mid-2022, he said.
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DBusiness Daily Update: Detroit Marketing Group Presents Webinar March 16, Douglas Marketing in Troy Forms Partnership with Canadian Agency, and More
Our roundup of the latest news from metro Detroit and Michigan businesses as well as announcements from government agencies, including updates about the COVID-19 pandemic. To share a business or nonprofit story, please send us a message.
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Our roundup of the latest news from metro Detroit and Michigan businesses as well as announcements from government agencies, including updates about the COVID-19 pandemic. To share a business or nonprofit story, please send us a message.
Detroit Marketing Group Brings LinkedIn Coach, Author to March 16 Webinar
Provided by Dow Jones
By Harriet Torry Early signs point to an uptick in consumer spending at the start of the year, particularly by lower- and middle-income households receiving payments through the most recent Covid-19 relief package. Spending by consumers who make less than $60,000 a year jumped by more than 20% in the week ended Jan. 10 the week after the U.S. Treasury Department began electronically sending stimulus payments of $600 per adult and $600 per child for individuals with adjusted gross incomes under $75,000 according to the research group Opportunity Insights tracker of figures from Affinity Solutions, which collects consumer credit- and debit-card spending data.