Consumer confidence rebounds from shutdown

Consumer confidence has rebounded in December since tanking during the 16-day October government shutdown.
 
The benchmark Thomson Reuters-University of Michigan survey reported Monday that confidence reached 82.5 percent this month, up nearly 10 percent from 75.1 in November and up 13 percent from a year ago.
 
ADVERTISEMENT
“Consumers were clearly relieved when the D.C. gridlock ended. Confidence has bounced back to nearly the same levels it was before the crisis in mid-2013,” survey economist Richard Curtin said. 
 
The impact on the Christmas shopping season from the rebound may be mixed, the survey suggests. 
 
Consumers are more bullish on the economy but see little or no chances of getting wage raises in the new year, the survey found.
 
“Consumers are not ready to celebrate, aside from those who have benefited from rising stock market wealth,” Curtin said. 
 
This month, the House and Senate approved a two-year budget that should allow Washington to avoid any shutdown showdown at least until October 2015. In February a new debt ceiling crisis looms however.