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Consumer Reports Index: Financial Mood Grim, Employment Rises

Jupiterimages/Thinkstock(YONKERS, N.Y.) -- Despite employment edging higher, the financial mood remains grim, according to survey data released Monday from November’s Consumer Reports Index.

The index, which measures overall consumer financial health, found that employment continued to show improvement, with job gains outpacing losses by a slight margin with the holiday season approaching. Economic sentiment, however, wavered.

The Consumer Reports Sentiment Index, which measures the percentage of how many consumers are doing better than a year ago, dropped to 45.0 from 47.6 in October.

“Our short term outlook through the holiday season remains guarded, driven by a broad-based decline in consumer sentiment,” said Ed Farrell, director of the Consumer Reports National Research Center. “Sentiment among wealthier Americans has plunged, while those earning less than $50,000 languish in negative territory, a bad convergence of events for spending.”

Copyright 2011 ABC News Radio

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