Economy showing progress -
A separate report today showed consumers grew more confident in June, underscoring that the worst of the recession has passed.
“Consumer spending has largely stabilized,” said James O’Sullivan, a senior economist at UBS Securities LLC in Stamford, Connecticut. Stimulus-related measures “have contributed to increasing spending power.
Still, companies like Hertz Global Holdings Inc. are among those seeing an improvement. The second-largest U.S. rental-car company yesterday forecast it will return to profit in the second quarter, after declines in business and consumer travel triggered two consecutive quarters of losses.
Today’s spending report also showed inflation moderated.
U.S. auto sales rose to a 9.9 million-unit rate in May from 9.3 million the prior month. Some industry estimates for June show the rate may exceed 10 million for the first time this year.
http://www.bloomberg.com/apps/news?pid=20601103&sid=aa9K84vVl_sA
A separate report today showed consumers grew more confident in June, underscoring that the worst of the recession has passed.
“Consumer spending has largely stabilized,” said James O’Sullivan, a senior economist at UBS Securities LLC in Stamford, Connecticut. Stimulus-related measures “have contributed to increasing spending power.
Still, companies like Hertz Global Holdings Inc. are among those seeing an improvement. The second-largest U.S. rental-car company yesterday forecast it will return to profit in the second quarter, after declines in business and consumer travel triggered two consecutive quarters of losses.
Today’s spending report also showed inflation moderated.
U.S. auto sales rose to a 9.9 million-unit rate in May from 9.3 million the prior month. Some industry estimates for June show the rate may exceed 10 million for the first time this year.
http://www.bloomberg.com/apps/news?pid=20601103&sid=aa9K84vVl_sA
