Oct. 23 (Bloomberg) — Consumer sentiment improved last week as Americans were more optimistic about the economy than at any time in almost seven years.
The Bloomberg Consumer Comfort Index climbed to 37.7 in the period ended Oct. 19, matching the second-highest level since August 2013, from 36.2. A gauge of attitudes about the world's largest economy was the strongest since January 2008.
Better job prospects and the cheapest gasoline prices since early 2011 are combining to undergird households' spirits at the same time the stock market shows signs of stabilizing. Bigger wage gains would help propel sentiment further and lay the groundwork for more spending after sales cooled last month.
Fewer jobless claims and lower fuel costs are "brightening consumer views," Gary Langer, president of Langer Research Associates LLC in New York, which produces the data for Bloomberg, said in a statement. Still, "the recovery has lacked sustained momentum, held back by the stagnant wages and continued weakness in retail sales.'
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