More than half of consumers globally upbeat on job prospects: Nielsen

Tue Jul 22, 2014 12:05am EDT
 
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By Susan Fenton

LONDON (Reuters) - More than half of consumers globally expect job prospects to be good to excellent in the year ahead, a survey showed on Tuesday.

That helped push global consumer confidence up in the second quarter to its highest since the first quarter of 2007, according to the survey by global information and insights company Nielsen.

India overtook Indonesia as the most optimistic consumer market, while Portugal and Slovenia were the most pessimistic.

Japan and Hong Kong saw the biggest declines in confidence from the previous quarter.

The Nielsen Global Consumer Confidence Index rose 1 point in the second quarter to 97, according to the survey, conducted between May 12 and 30. The reading headed closer to the 100 mark that signals optimism among consumers.

U.S. consumers were the eighth most upbeat globally as optimism about job prospects surged.

"Payroll growth is visible across a range of (U.S.) sectors, which is also positive," said Venkatesh Bala, chief economist at the Cambridge Group, a part of Nielsen. "However, real-wage growth of workers has been anemic so far, and needs to pick up substantially, along with other improvements in the labor market, in order for consumer spending to increase in a broad-based way."

By region, consumers in the Asia Pacific were most confident about job prospects with 65 percent seeing favorable job opportunities for the year ahead, up from 64 percent in the first quarter.   Continued...

 
Job seekers stand in line to meet with prospective employers at a career fair in New York City, October 24, 2012.   REUTERS/Mike Segar