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Confidence index up this month

September 12, 2009|Times Wire Services

Confidence among U.S. consumers rose more than forecast in September as the pace of job losses slowed and the economy showed signs of pulling out of the recession.

The Reuters/University of Michigan preliminary index of consumer sentiment increased to 70.2 this month from 65.7 in August. The index was forecast to rise to 67.5, according to a Bloomberg survey of economists. A government report also showed inventories at U.S. wholesalers fell in July as higher sales helped distributors reduce excess supply.

Americans are starting to grow more upbeat after suffering the biggest destruction of wealth on record from a slump in stocks and home prices, and companies are ramping up production to replenish stockpiles. Consumers may still be wary of increasing the spending that makes up 70% of the economy as they focus on building savings and paying down debt.

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