Americans are feeling better about the economy again, but will it last this time?
A widely watched barometer of consumer confidence surged in February to its highest level in a year as Americans took note of improving job prospects among friends and family and falling unemployment, which is now at a three-year low.
The brighter assessment released Tuesday by a private research group reflected a more upbeat attitude for the nation generally as the economy picks up. That is a boon for President Obama as he seeks re-election. Polls, including a recent Associated Press-GfK survey, show the Democratic incumbent is beginning to benefit politically from improved views of the economy.
“The economy is getting momentum. Clearly, shoppers are more optimistic about their job prospects,” said Amna Asaf, economist at Capital Economics.
The rising confidence among consumers gave confidence to Wall Street, too, helping it to reclaim the last of the ground it held before plunging into the depths of the Great Recession. The Dow Jones industrial average closed above 13,000 on Tuesday for the first time since May 19, 2008, four months before the fall of Lehman Brothers investment bank and the worst of the financial crisis.
Jack Ablin, chief investment officer at Harris Private Bank, called it “a momentous day for investor confidence.”
Tuesday’s gain puts the Dow 1,160 points below its all-time high, set Oct. 9, 2007. The Great Recession began two months later.
The milestone could draw some fence-sitting investors back into the market and add to the gains, said Brian Gendreau, market strategist at Cetera Financial Group.
But consumer confidence is still below the level of a healthy economy, and trouble could lie ahead. Rising gas prices could sully shoppers’ mood and derail the economic recovery. There are also fears about a nuclear showdown with Iran and the festering European debt crisis.
Comments
bluekansas 1 year, 3 months ago
Obama Stimulus Created As Many As 2 Million Jobs Recently
When it comes to keeping and creating employment, however, the package does appear to have done the job. A government report released this week suggests that the stimulus plan was responsible for the creation of 300,000 to 2 million additional jobs during the three months that ended December.
http://jobs.aol.com/articles/2012/02/24/up-to-2-million-jobs-in-4th-quarter-related-to-obama-stimulus-r/?a_dgi=aolshare_twitter&a_dgi=aolshare_twitter
vertigo 1 year, 3 months ago
"even though he can't afford to fill up his car anymore and dining out has become a memory."
The exact opposite in my household. It's now cheaper for me to fill up (I sold my 8 cyl diesel truck for a 6 cyl car) and we ate out at least 3 nights in the past 7 days; 8 nights of the last 14.
So your premise is a falsehood when you apply it to me.
vertigo 1 year, 3 months ago
I'm investing in our economy. We also bought two cars in the last month (long overdue though).
We both cook quite well, thank you. How we choose to spend our money is our prerogative.
Our investments are fine as well as our savings. No worries on those fronts either.
vertigo 1 year, 3 months ago
And before you get high an mighty about the car purchases- we paid cash. Didn't finance either one.
jhawkinsf 1 year, 3 months ago
Sounds like you're doing well enough that you ought to have your taxes raised. Please send a check to the Dept. of the Treasury now.
vertigo 1 year, 3 months ago
I did that in the form of sales tax for the two cars! lol
somedude20 1 year, 3 months ago
Sounds like you financially fit enough to have a giant pizza party for all of your LJW friends. Thanks!
vertigo 1 year, 3 months ago
"all of your LJW friends"
I'm sure 1 large would be enough. /dig at myself
jhawkinsf 1 year, 3 months ago
But we need more. Federal and state income taxes. Personal property taxes. Sales taxes. Registration fees. We need more. We need so much more that we need to hire workers just to process your taxes. Clerks to cash your checks. Workers to spend your taxes. We need more. With the holidays those workers get paid for, along with sick days, vacation days, mental health days, we need more money from those who can afford to but two cars with cash. We need more. Don't forget their retirements, we need more. Send a check and then send another. The poor need your money. The rich need you money, send more now. The city needs your money, the state and Washington, too. Send. Send now.
jhawkinsf 1 year, 3 months ago
Of course, I'm just kidding. :-)
vertigo 1 year, 3 months ago
CZTE is a good benefit, I'll admit.
jhawkinsf 1 year, 3 months ago
If you're looking for facts to back up your belief that your cup is half empty, you will find those facts. If, However, you are looking for facts to back up your belief that your cup is half full, you will find those facts. Happy hunting everyone.
vertigo 1 year, 3 months ago
"gas at record prices"
BZZZZT! Wrong! (like we're surprised).
Right now average gas price in the USA is $3.62. In June 2008 the average price was $4.12
I don't know how they do math in Linwood, but the rest of us know that $3.62 < $4.12
http://gasbuddy.com/gb_retail_price_chart.aspx
vertigo 1 year, 3 months ago
Ewww... Golden Corral?
If I want a steak I want one that is cooked well- and I don't mean temperature wise. A ribeye on the grill or Flo's Filet from Longhorn thank you!
And yeah, I guess it's not every February that Iran goes mental and pushes their luck with the US and Israel, and Syria is always fighting a semi-civil war every February, don't forget the unseasonably cold winter in Europe... I think that's why they call it unseasonably, because it doesn't happen every year. It's also Obama's fault that for-profit oil companies are exporting their US produced fuels overseas for higher profits rather than selling it domestically (which would lower our prices).
I think it's cute how you think one man is solely responsible for worldwide gasoline prices.
vertigo 1 year, 3 months ago
Don't throw me in that basket.
vertigo 1 year, 3 months ago
I think climate change is happening, slowly but surely.
Do I think man is to blame? I think it's possible we may play a part, but I don't believe we're the sole reason. It's also possible we play no part and this is a natural cycle. It's also possible this is a natural cycle and what we are doing is only amplifying the effect.
I think it's too early to tell, definitively which of the above is true... so I'll reserve my judgement until we know beyond reasonable doubt which is the case.
Tornadoes in February is a rare phenomenon... but did man cause it? shrug Who can say, really?
vertigo 1 year, 3 months ago
And Bush owns another third of it.
tolawdjk 1 year, 3 months ago
Never mind that he started one to ignore the other. Yep, war debt is "good" debt.
moron.
(from a source)
vertigo 1 year, 3 months ago
Don't forget Bush cost us at least 5000 taxpayers.
beatrice 1 year, 3 months ago
Massive tax cuts for the wealthy during times of war -- made possible by the act of a few strokes of a pen -- is indeed social re-engineering. Don't forget to give Bush "credit" where it is due.
Getaroom 1 year, 3 months ago
Still trying to push it all onto Obama, typical, but not accurate. You must be getting your data from Glenn Beck, or one of those snippy blonds on Faux Nuz. More of that fuzzy math you claim never to use.
Getaroom 1 year, 3 months ago
Still trying to push it all onto Obama, typical, but not accurate. You must be getting your data from Glenn Beck, or one of those snippy blonds on Faux Nuz. More of that fuzzy math you claim never to use.
Getaroom 1 year, 3 months ago
Still trying to push it all onto Obama, typical, but not accurate. You must be getting your data from Glenn Beck, or one of those snippy blonds on Faux Nuz. More of that fuzzy math you claim never to use.
camper 1 year, 3 months ago
Consumer confidence feeds on itself. Sometimes it is the unknown factor that gets the engines of the economy running. When good news comes out it is best to take the cup is half full approach. Lets give this confidence a chance....lets not quelch it for partisan reasons.
somedude20 1 year, 3 months ago
I would not get too excited because the republicans will try their best to sabotage the econ as they have said that goal #1 is to get Obama out. As we have seen, they are not afraid to kill America (and Americans) just to meet their goal.
beatrice 1 year, 3 months ago
Some people are upset that the economy is improving. It hurts their chances of getting an R in office. Party over country. That is just sad.
I hope things continue to improve, and it doesn't matter who wins in November.
beatrice 1 year, 3 months ago
I am not your enemy. Maybe the issue is you think I am. We are Americans first and everything else is a distant second.
yourworstnightmare 1 year, 3 months ago
An economic recovery! gasp
This is the worst nightmare of the republicans.
yourworstnightmare 1 year, 3 months ago
This from a man who a year and a half ago predicted 15% unemployment and a complete failure of the economy and stock market.
Your specious predictions have failed to materialize. You have no credibility.
yourworstnightmare 1 year, 3 months ago
The GOP seem to be almost 180 degrees out of sync with the economy.
Remember John McCain's "The fundamentals of the economy are sound." in early 2008?
Now, we hear the opposite, that the economy is not improving and is worse than all economic indicators suggest.
Denial of reality for political gain is the hallmark of GOP politics.
yourworstnightmare 1 year, 3 months ago
"Let Detroit Fail"
What a maroon.
tbaker 1 year, 3 months ago
The last paragraph says it all.
verity 1 year, 3 months ago
Oh, Autie, just this morning? Why, I figured that out the day before yesterday at least.
Peeps are only good when they've been left out to dry for several days or a week.
rtpayton 1 year, 3 months ago
MSN and Fox both reported that the liberals were writing 4 times the articles about high gas prices during the Bush era. The price of gas has went up but the media is now mum. Articles suggest gas could be over $5.00 a gallon by June.
Armstrong 1 year, 3 months ago
South America ?
beatrice 1 year, 3 months ago
Remember, you have to tap your heels together when you repeat it ... and it just may come true!
If you haven't read the tea leaves, let me tell you of what is starting to become obvious even to many Republicans -- Obama is going to win re-election. It might even be by a landslide, even if he doesn't deserve it.
Then again, maybe he does.
He kept this country from falling into a Depression, he saved the American auto industry while Republicans would have let it fail, he killed Osama, he helped in the overthrow of Gadhafi without sending in American troops, he ended the war in Iraq and he saw that most Americans will be covered by some form of health care, and many other things ... So you see, for rational Americans, we see his administration is far from being a failure, even if he tried too hard to make Republicans happy early on. But of course he has that D behind his name and that is the only thing you care about. Too bad for you, because that means another term of your being really, really upset.
Obama is going to beat any of the very weak Republicans running to replace him. When he does, look to me to say I told you so.
Armstrong 1 year, 3 months ago
Hence her new name. Miss-the point
beatrice 1 year, 3 months ago
So which part isn't accurate? Did we fall into another Depression? Did the auto industry collapse? Is Osama still breathing and did Americans die in a war in Libya? Are we still fighting in Iraq? Like the process or not -- and I personally look forward to the Supreme Court making a decision on this -- but won't most Americans be covered by health insurance because of Obama's actions?
Seriously, are you even capable of discussing the issues? Go ahead, give it a shot.
LarryNative 1 year, 3 months ago
It's the Kock bros forcing gas high to make Obama look bad. Anyone? anyone?
Commenting has been disabled for this item.