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Consumer confidence rebounds for first time in five weeks

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Consumer confidence rose for the first time in five weeks as Americans said their finances were in better shape, Bloomberg reported.

The Bloomberg Consumer Comfort Index improved to minus 46.9 in the period ended March 27 from a seven-month low of minus 48.9 the previous week. A reading of 100 means every response was positive and a reading of negative 100 means every response was negative. Readings this low are historically seen during recessions.

A strengthening job market could help consumers overcome strains from the highest gasoline prices in more than two years and rising grocery bills.

“It’s a mixed bag out there,” said George Mokrzan, senior economist at Huntington National Bank in Columbus, Ohio, in an interview with Bloomberg. “The income rises and job growth are the major drivers at this point, so in general the consumer can withstand some higher prices”

Sentiment was lower for a fourth consecutive week among those making more than $100,000 a year, indicating continued drops in home values and swings in stock prices.