Consumer confidence in Bermuda has reached a new high for the year, according to the Bermuda Omnibus survey released yesterday by Total Marketing & Communications, and black residents continue to have the greatest faith in the economy.

The report, conducted in conjunction with the Canadian company Corporate Research Associates Inc., said consumer confidence had increased "substantially'' since March, when it hit the lowest point since the 1998 Bermuda Omnibus survey.

"Black residents continue to show the highest degree of optimism with respect to the country's economy, white residents, those over the age of 55 and males have exhibited the greatest increase in confidence in the last quarter,'' the report stated.

March's decline was attributed to the release of Government's budget in February, which according to Don Mills, president of CRA, severely influences consumer attitudes. Consumer confidence is monitored through the Bermuda Consumer Confidence Index, which gauges the public's outlook regarding economic conditions by surveying residents on broad economic conditions and their own household's "well-being''.

The survey also found that 27 percent of Bermuda residents thought the economy was in a better state than a year ago, a 13 percent increase over March's figure.

Fifty-four percent said the economy was about the same.

It also found that residents' outlook for the coming year was more optimistic than in March, with 45 percent predicting no change and 29 percent expecting some improvement, compared to March figures of 35 percent and 22 percent, respectively.

Consumer confidence up Only 21 percent -- a 14-point drop -- thought conditions would worsen.

Most Bermuda residents -- 60 percent -- continue to say their own household economic well-being has not changed over the past year. The report does, however, record a seven point increase in the number of those who have experienced improved conditions, bringing the number to 28 percent. Eleven percent saw themselves in worse economic conditions, compared to sixteen percent in March.

When polled on their predictions about future financial conditions, 49 percent did not expect any change in the next year, but 39 percent -- which the report described as a "significant minority'' -- thought their situation would improve. The latter figure represents an increase of four percent. The survey was based on a sample of 403 Bermuda residents and claims a margin of error 4.9 percent in 95 out of 100 samples.

BUSINESS BUC