January 23, 2007

Consumer Sentiment Hits 3-Year High

Consumer Sentiment Hits 3-Year High

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U.S. consumer sentiment improved to a 3-year high in early January, propelled by falling gasoline prices and a favorable view of personal finances and economic growth, according to a recent survey. �

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The Reuters/University of Michigan Surveys of Consumers said its preliminary January reading on consumer sentiment index rose to 98.0 from 91.7 at the end of December. �

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This was the highest since 103.80 in January 2004 and well above the 92.5 median forecast of analysts polled by Reuters.� The surveys' gauge of current consumer conditions was 112.5 against a final December reading of 108.1, while its measure of consumer expectations was 88.7 versus 81.2. �

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Consumers, while generally upbeat, remain worried about inflation. The surveys' one-year inflation index edged up to 3.0 percent from 2.9 in late December, and its five-year index stood at 3.0 percent for a third straight month. �

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What effect do you think consumer confidence (or a lack thereof) will have on the real estate industry?� We'd love to hear your comments.

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