Consumer Confidence Gains With Improved Job Data

Fewer Americans than forecast filed claims for jobless benefits last week and consumer confidence rose to the highest level in a year

Feb 10, 2012

Fewer Americans than forecast filed claims for jobless benefits last week and consumer confidence rose to the highest level in a year, pointing to gains in spending as job prospects brighten.

(More on prospects for improved consumer spending . . . )

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The Wells Fargo Construction Optimism Quotient (a measure of contractor and equipment-dealer sentiment about local construction activity) for 2012 is a decidedly positive 114. This is a marked improvement in optimism over the 2011 score of 96 and a great leap over 2009 when the OQ reached an all-time low score of 42. The Wells Fargo survey traditionally finds construction-equipment distributors are more optimistic about construction activity than contractors. The 28-point difference between contractors and equipment distributors measured in 2012 is the largest disparity in the history of this survey.
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