Despite the rising unemployment rate, tempering pump prices and the 8K+ DJIA appear to be bolstering consumer sentiment in May…nearly one in three (31.2%) consumers is confident/very confident in chances for a strong economy over the next six months, rising five points from April (26.0%), nearly 12 points from a year ago (19.5%) and the highest reading since January ’08 (33.5%).
8 years ago
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Economists in the latest Wall Street Journal survey see an end to the recession by August, but say it will take years to eat up the slack created by the downturn. Nearly half of the economists said it will take three to four years to close the output gap, while more than a quarter say it will take five to six years. The economists on average expect the unemployment rate to climb to 9.7% by the end of the year, with two million more jobs lost over the next 12 months
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