Consumers are growing more upbeat about the U.S. labor market, with confidence reaching the highest levels since around the start of the Great Recession, according to a report released Tuesday.
“The number of consumers reporting that labor conditions were bad has now declined for three months in a row, a reflection of the continued robust pace of job growth and the addition of more full-time jobs this year,” wrote analysts with Wells Fargo Securities.
Economists derive a statistic from the Conference Board’s monthly report on consumer confidence to get a feeling for how good respondents feel about current employment conditions. Analysts subtract the share of consumers who said that jobs are “hard to get” from those who said they’re “plentiful.”
For June this measurement hit negative 4.3%, an improvement from negative 6.6% in May. These results show that there’s still some concern about the labor market.
However, readings this year have been the strongest since around the start of the recession, which officially began at the end of 2007.
Chosen excerpts by Job Market Monitor. Read the whole story at Confidence in jobs market strongest since Great Recession – MarketWatch.
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