More than a third of consumers have a favorable view of the economy. This is the highest rate measured following the Great Recession, according to a recent LIMRA survey of Americans. The study also found for the first time since October 2008, consumers with a negative view of the economy are in the minority.
“Consumer sentiment on the economy tends to be seasonal–it’s not uncommon for us to see a boost at the start of each new year,” said Jennifer Douglas, associate research director, LIMRA Developmental and Strategic Research. “To a greater extent, the strong equity markets, labor market, and low gas prices are likely to have prompted a sense of personal financial well-being, influencing their opinion of the broad economy.”
The quarterly study also tracks consumer confidence in various sectors of the financial-services industry and revealed that consumers show increasing confidence in the financial sectors (chart).
“While confidence levels aren’t where they were prior to the Great Recession, the financial-services industry is slowly earning back the trust and confidence of the American people,” noted Douglas.
LIMRA conducted an online survey of 1,000 adults between Jan. 16-20, 2015. The results are weighted to represent the U.S. adult population.