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michigan mortgage quote
Confidence rises, current account spikes
By Ros Krasny CHICAGO (Reuters) - U.S. consumers turned much more upbeat in June, helped by some relief in gasoline pump prices and a rising stock market, a report showed on Friday. Separately, government data showed the current account deficit, the broadest measure of U.S. trade with the rest of the world, hit a record high on the first quarter. The University of
michigan's closely watched measure of consumer sentiment surged to 94.8 from 86.9 in May, its highest since January. Wall Street's median forecast was 89.0. Assessments of current conditions and future expectations both advanced strongly, and the index outperformed gains in other sentiment indicators released recently. "Households feel better about the economy because of the recent slide in gasoline prices and increases in equity markets," said Steven Wood, economist at Insight Economics. Economists said the day's reports further cemented expectations the Federal Reserve would press on with its program of rate increases. World oil prices pulled back during May, while U.S. equity prices rose strongly from mid-May through early June, when the
michigan sentiment survey was compiled. Some economists cited continued low
mortgage rates as another boost for consumers. Consumer spending accounts for two-thirds of overall U.S. economic activity, and any improvement in confidence could bode well for a pickup in growth. "I think we are beginning to see a shift in the tempo of the expansion. Other variables have indicated that lately. We may see an acceleration," said Bill Hummer, chief economist at Wayne Hummer Investments. The U.S. stock market jumped on the data, pushing the S&P 500 index to its highest since early March. Treasury bond yields ticked higher, with the 10-year note (US10YT=RR:
quote , Profile , Research ) at 4.10 percent, up from 4.07 percent late on Thursday. Still, with energy prices accelerating again, some worried that consumer sentiment could take a fresh hit. Crude oil futures (CLc1:
quote , Profile , Research ) approached record highs on Friday. Continued ...
Source: reuters.com