Consumer confidence rose for the sixth month in a row, but is still very low, according to an index from the University of Michigan and Thomson Reuters.
Even with the recent rise in jobs and drop in unemployment, many people are still out of work, which has resulted in consumers maintaining a bleak view of their personal financial situations, the index said.
The index currently rates consumer sentiment at 75.3, up from 75.0 in January. Both numbers are below the consumer sentiment in February 2011, when it was at 77.5.
The index also reported that consumers' personal finances remained low; more households reported a decrease in earnings than increases, for the 41st month in a row; only one out of four households is expected a rise in income in the next year; and that the majority of consumers said they don't expect an increase in wages in the coming year. That's 28 months in a row, that consumers have been reported negatively on the subject.
Eight percent, according to the index, said they expect an increase in wages in their inflation-adjusted income in the coming year.
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