Jul 26, 2023 - Economy
No matter where you look, consumer confidence is up
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The rally in consumer sentiment — like the rally in the stock market — is looking pretty broad.
The big picture: This upswing has been building all year as inflation cooled. It's visible across income groups — and across different national surveys measuring consumer attitudes.
- That's market research firm Morning Consult's index above — it hasn't been this high since December 2021.
- Meanwhile, the Conference Board's index skyrocketed over the last two months, as Axios Macro wrote about Tuesday.
- Another closely watched survey from the University of Michigan is up 13% since June.
Go deeper: Sentiment among high earners (over $100k per year) has risen the most this year, according to polling data backing the Morning Consult Axios Inequality Index, out Wednesday morning.
- Their mood has improved as stock market gains have boosted household wealth, and high-profile layoffs in tech and finance seemed to slow, notes Jesse Wheeler, senior economist at the firm.
- But sentiment is improving for middle and lower-income groups, too — groups that are still seeing strong wage gains, Wheeler notes. In July, sentiment for both groups rose to the highest level since January 2022.
