Consumer sentiment about the current situation remains below highs seen just before the recession (in the second quarter of 2007) but has improved significantly since the summer of 2011.
In recent months, the University of Michigan survey and the Conference Board survey (plotted on the right-hand axis due to the greater volatility in the series) have both indicated a large improvement in consumer's view of the current situation. The Bloomberg Consumer Comfort index, however, did not improve over the same period.
Additional detail:
- The present conditions components of the Conference Board and Reuters/University of Michigan survey use notably different survey questions. The Conference Board's Present Situation Index is based on consumer's perception of local business conditions and local availability of jobs. The Reuters/University of Michigan Current conditions asks about attitude towards big-ticket purchases and if personal finances have improved over the past year. The Bloomberg Consumer Comfort survey is somewhat of hybrid, probing consumers about their perception of the current state of the national economy, their personal finances, and the buying climate.