video transcript

U.S. consumer sentiment set at a one-year high in February, as the American shopper takes the start of higher gasoline prices in stride. Data from the Thomson Reuters/University of Michigan final reading for February shows that for the time being consumers are less worried about the impact of higher gasoline prices and more confident that a recovering jobs market will mean better economic times ahead. According to the survey, a third of respondents said they were hearing of more job opportunities, that is the highest number on record. Government statistics are fueling those labor market hopes: The unemployment rate surprisingly dropped to a three-year low in January and jobless claims touched a four-year low in February. Consumers believe a stronger labor market will mean a stronger economy, strong enough to withstand a spike at the pump. Conway Gittens, Reuters