Thomson Reuters/University of Michigan: Confidence Falls Among Upper Income Households
ANN ARBOR. Consumer confidence posted a sizable loss in June, with most of the overall decline in how consumers viewed future prospects for the national economy. Perhaps of greater importance was that the entire June decline was among households with incomes above $75,000. Higher income households were not only less optimistic about economic prospects but viewed their own financial pros-pects much less favorably. The percent of upper income households that expected improve finances in the year ahead fell to 24% in June from 37% in May. Lower income households, in contrast, benefitted to a greater de-gree from the recent declines in gas prices, which completely offset their less favorable outlook for the economy. Click here to view the full release.
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