US consumer confidence jumped to its highest in eight months as signs of improvement were noticed in the labor market. The consumer confidence index rose to 54.9 in May from a revised 40.8 in April, the biggest one-month increase since April 2003 according to the latest data from Wall Street. “Consumers are considerably less pessimistic than they were earlier this year,” said Lynn Franco, director of The Conference Board’s Consumer Research Center. Fewer Americans said that it was harder to find jobs and US stocks extended their rally after the data was released.
Can we say for sure that the recession is ending or is it rather that we are tired of the status quo and by human nature, we would like to move on and believe that we are out of the slump? What more signs will be necessary to ease our confidence in the system and boost the labor markets?
If the first signs for getting out of the recession is a change in our attitude then this positive outlook and consumer confidence may be signaling the beginning of the end.
Well lets hope so, because its getting tiring hearing the same gloomy news everyday.
I feel that fear took over for a while and now that the dust is settling people are beginning to trust their instincts and doing what needs to be done to move ahead. As we know for every up there has to be a down, so with faith let’s cautiously move back up!