NEW YORK, N.Y. (10/11/13)--A consumer confidence index indicates that Americans are more optimistic about their own finances than the economy as a whole.
The Bloomberg Consumer Confidence Index--a weekly survey of 1,000 people over the age of 18--dropped in the week that ended on Oct. 6 to -29.7, falling from the previous week's measure of -29.4.
But it indicated that Americans are increasingly confident in their own balance sheets. Confidence in personal finances rose to 4.7 this week--up 0.2 points from the previous week, and 6.7 points from the week that ended on Sept. 8.
When broken down, the four-week rolling average also showed that views on the buying climate improved last week, creeping upward to -33.5 from -35.
Bringing the overall index down was consumers' confidence in the economy--down to -60.2 from -57.8 (Moody's Economy.com Oct. 10).
The survey also found that those with annual incomes greater than $100,000 are most confident about the economy. The index among that cohort increased to 19, up from the previous week's measure of 16.1. Meanwhile, the index measuring confidence among those making less than $50,000 annually dropped to -51.2 (Bloomberg.com Oct.10).