The Spectrem Non-Millionaire Outlook itopped the Millionaire Outlook for the first time since September 2014.
Despite a cautious investment mindset, Affluent households expressed a more confident personal outlook in May, driving an increase in the latest Spectrem Affluent Household Outlook.
The Spectrem Affluent Household Outlook is a monthly measure of affluent confidence in four financial factors that impact their daily lives. The May Outlook gained 6.1 points to 29.70, a three month high and up three points from May 2014.
May has seen encouraging economic reports, beginning with the jobs report that found the U.S. added 223,000 jobs in April. Going into May, initial claims for unemployment fell to a 15-year low. Another report from the National Association of Realtors announced home sales at their highest since 2006.
Household Assets posted the biggest gain in May, 12.8 points to 58, the highest reading since July 2014, and 7.94 points higher than May of last year. Household Income gained 10 points to 27.60, another three-month high. The Bureau of Labor Statistics reported earlier this month that the average hourly earnings in April for American workers rose by 3 cents to $24.87. Year-to-year, average hourly earnings increased by 2.2 percent.
Company Health increased 3.2 points to 18.40, an eight-month high. The Economy dipped 1.6 points from April to 14.80, but that is 2.5 points higher than the same period last year.
Spectrem Group breaks down the Affluent Household Outlook into Millionaire and non-Millionaire households. This month, it is the non-Millionaires who are expressing a resurgent confidence in their financial situations. The Spectrem Non-Millionaire Outlook surged in May nearly 11 points to 31.30, the highest reading since February 2006. This is higher than the Spectrem Millionaire Outlook, which stands at 28.24.The last time the Spectrem Non-Millionaire Outlook topped the Millionaire Outlook was September 2014.
Non-Millionaire confidence in the Economy gained 7.2 points to 21.02, a six-month high. In comparison, Millionaire confidence in the economy plunged in May 9.74 points to 9.16, a seven-month low.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.