U.S. consumer confidence rose to its highest level this month in almost five years.
Although consumers we spoke with say they are feeling cautiously more comfortable, Oregon Economic Forum Director Tim Duy says it’s no major milestone. He says we’re continuing on a path of slow growth with some job market improvements and lower unemployment, which boosts consumer confidence.
“Consumer confidence has been very low compared to the level where spending growth actually was. So I think we’d have to have consumer confidence much, much higher than this to really signal that there’s a real change in consumer behavior,” Duy said.
Duy expects consumer confidence in Oregon will stay on track with national numbers, but the trend at hand is still new.