Submitted by Chelsea Polachuk, Uncover Michigan, on Fri, 01/30/2015 - 17:18
U.S. Consumer sentiment in January remained strong and touched 11 year high. The strong consumer sentiment has been helped by lower oil prices, job growth and positive news about economy. Most of the big companies in the United States have reported positive results and many of them might consider wage hikes.
The University of Michigan final consumer sentiment index touched 98.1, marking a strong positive move from 93.6 in December 2014. The consumer sentiment has reached a level last seen in January 2004.
Americans expressed positive outlook for the economy and jobs market in near future. The consumer spending remained strong during the holiday season. Online retailer Amazon has reported better-than-expected results. Apple has reported strong quarterly results as the company managed to record impressive sales for iPhone 6.
The University of Michigan survey also gauges the current personal finances of consumers under current conditions index. The index touched high of 109.3 during January, the highest since January 2007.
American consumers expect the economy to continue with its positive momentum. More than 50 percent of Americans feel that the economy will remain strong for next five years. Consumers are expecting inflation to remain 2.5 percent during 2015. As the oil prices are expected to remain in $35-48 per barrel during 2015, consumers will have more money to spend on other goods.
Richard Curtin, the survey's director, said, "Consumers judged prospects for the national economy as the best in a decade, with half of all consumers expecting the economic expansion will continue for another five years."
The jobless claims touched multi-year low last week. Real estate experts are expecting the markets to remain strong and expect higher demand for single-family homes during year 2015. The stock markets are expected to remain strong during the year as the companies are reporting strong results.
Morris Hagerman is a local real estate agent with Real Estate One in Royal Oak, Michigan. He serves Berkley and the other Woodward 5 communities, including Ferndale, Pleasant Ridge, Royal Oak and Huntington Woods. Hagerman is also a member of the Berkley/Huntington Woods Area Chamber of Commerce. You can contact him by phone at 248-854-8440, email at morrishagermanproperties@gmail.com or visit his web page.
