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A report from WalletHub revealed that more consumers are confident when it comes to their financial outlook, with the company's Economic Index increasing 5% between December 2020 and May 2021. The monthly survey dives into 10 components of consumer sentiment and found that consumers felt more positive about each of the components compared to December. Each component saw a 2.9% or more increase in confidence levels.
WalletHub reported that consumers who were likely to purchase a home in the next six months increased 6.5%. The number of folks who said they were likely to make a big purchase in the next six months increased by 4.6%.
According to the report, in February, consumer confidence began to rise as to those who were optimistic that they would have a job in the next six months. This pattern has continued through May with a 2.9% increase in consumer confidence. The positive sentiment on credit scores in the next six months also increased by 2.9% and the positive sentiment on debt levels over the next six months increased by 4.9%.
What the survey shows is an overall improvement in spending due to heightened confidence in employment and employment opportunities. More consumers are gaining confidence when it comes to alleviating debt in the next six months, which could lead to more spending, especially in the housing industry.
Click here to read more from the report.