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US consumer confidence hits new low

Thursday, 14 May 2015 9:18 AM [ Last Update: Thursday, 14 May 2015 9:18 AM ]

US consumer confidence hits a new low

In April 2015, consumer confidence fell to a three month low. The drop was caused entirely by falling confidence among low-income households. However, the numbers rose for mid- and high-income households.

According to the University of Michigan survey, bad weather and rising gasoline prices also pushed US consumer sentiment to fall.

But the job market has also been particularly sluggish & naturally employment and earnings play an important role in how much the public is willing to spend.

Economists believe only when more people return to work will we see an increase in larger ticket purchases again such as cars and homes and overall investments.

In this edition of Inside Out, we ask whether the US economy is finally back on track seven years after its collapse? The answer seems to depend a lot on who you ask.

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