SAN RAFAEL, Calif. — Consumers' money worries have declined almost to the same level as they were on the eve of the Great Recession.
The latest Money Anxiety Index improved to 67.1, which is merely 8.5 points higher than it was seven years ago before the recession, when it stood at 58.6 and rose to 97.6 after the recession.
The current figure of 67.1 reflects continued positive economic news on employment, with 214,000 non-farm jobs added in October, bringing the three-month employment average to a gain of 224,000 per month. October's employment report also revealed that more people are actively searching for jobs, with the labor force participation rate rising to 62.8%.
The upcoming holiday shopping season is also expected to benefit from consumers' improved attitudes. The declining price of gas and increase in discretionary income are also expected to contribute to anticipated improvement in holiday spending patterns.
Developed by Dan Geller, the Money Anxiety Index measures consumers' level of financial worry.