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This reflected soaring consumer confidence which, according to Business Strategies, a consultancy, is now at its highest since the 1980s boom.Not all economists think that such buoyant demand means that interest rates should go up.
Manufacturing, which suffered the most in last year's recession, is on a firmer footing, reports showed today, and combined with sharp productivity gains and soaring consumer confidence, demonstrate the start of a sound recovery.
Even with the Asian worries, a steady flow of Government reports depicting a vibrant American economy, with lower interest rates and soaring consumer confidence, has put investors in a jubilant mood.
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"Industry sales in May soared as consumer confidence improved and demand for new vehicles continued to strengthen," said Bill Fay, group vice president of Toyota Motor Sales USA and general manager, Toyota division.
There is indeed much to celebrate: strong job growth; unemployment and inflation at their lowest levels in decades; a soaring stock market; consumer confidence at record levels; American firms dominating world high-technology markets.
The quarter-point rises in May and June were barely noticed as consumer confidence soared.
In March, however, consumer spending outperformed dismal forecasts, and grew by 0.4%.In April, consumer confidence soared in Britain and America, while business confidence soured in France.
C1 Shoppers Buoy the Economy Consumer confidence soared in March, offering more evidence that the American shopper is pulling the nation out of recession.
But the warnings were dismissed by energy regulator Ofgem which said it wanted to "clear the air" after confirming evidence of soaring corporate profits and plunging consumer confidence.
The energy watchdog Ofgem has promised the biggest investigation ever into the gas and electricity markets after confirming hard evidence of soaring corporate profits and plunging consumer confidence.
As a result, business and consumer confidence has soared.
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