U.S. households have an optimistic view about the present but remain anxious about the future reports a new study. The report, a joint effort from Thomson Reuters and the University of Michigan, consumer confidence is at a three-month high and consumers’ views on current economic conditions are at their highest levels since January 2008.
However, the survey also shows that one-half of consumers believe that their financial situation is worse than it was five years ago and that the majority of those surveyed do not expect any wage gains in the year ahead, reported Reuters.
The confidence level expressed by the consumers surveyed, 74.3, is the highest since May and is considerably higher than the rate published by the Conference Board on Aug. 28. The Conference Board report showed consumer confidence dropping to 60.6, the lowest level since Nov. 2011.
Bloomberg reported that high gas prices were one of the main reasons for the increased pessimism in the Conference Board report. According to Reuters the increased optimism found in their report was due to decreased household debt.