The Bloomberg Consumer Comfort Index rose to 37.7 in the period ended Aug. 31 from 37.3 the prior week. A measure of personal finances increased to 54.2, matching the strongest reading since April 2008.
Sentiment among most income groups improved, with Americans making less than $50,000 becoming the most upbeat in a year as gasoline prices declined. More optimism on the heels of greater employment prospects and stock-market gains has the potential to stoke consumer spending, which accounts for about 70 percent of the economy.
“The pieces are falling into place for continued gradual improvement in confidence,” said Gary Langer, president of Langer Research Associates LLC in New York, which produces the data for Bloomberg. “The fact that people feel they’re doing better financially is an important element. The improvement in confidence in the lower-income tier is encouraging, and makes it a more broad-based recovery.”
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