The Latest Conference Board Consumer Confidence Index was released this morning based on data collected through January 16. The 80.7 reading was above the 78.1 forecast of Investing.com and 6.1 above the November 77.5 (previously reported at 78.1). This measure of confidence has risen from its interim low of 72.0 in November but remains below its 82.1 interim high in June of last year.
Here is an excerpt from the Conference Board report.
“Consumer confidence advanced in January for the second consecutive month,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Consumers’ assessment of the present situation continues to improve, with both business conditions and the job market rated more favorably. Looking ahead six months, consumers expect the economy and their earnings to improve, but were somewhat mixed regarding the outlook for jobs. All in all, confidence appears to be back on track and rising expectations suggest the economy may pick up some momentum in the months ahead.”
Consumers’ assessment of overall present-day conditions continues to improve. Those claiming business conditions are “good” increased to 21.5 percent from 20.2 percent, while those claiming business conditions are “bad” edged down to 22.8 percent from 23.2 percent. Consumers’ appraisal of the labor market was also more positive. Those saying jobs are “plentiful” ticked up to 12.7 percent from 11.9 percent, while those saying jobs are “hard to get” decreased slightly to 32.6 percent from 32.9 percent.
Consumers’ expectations, which had improved sharply in December, increased again in January. Those expecting business conditions to improve over the next six months remained unchanged at 17.4 percent, while those anticipating business conditions to worsen decreased to 12.1 percent from 13.9 percent. Consumers’ outlook for the labor market was mixed. Those expecting more jobs in the months ahead declined to 15.4 percent from 17.1 percent. However, those anticipating fewer jobs decreased to 18.3 percent from 19.4 percent. The proportion of consumers expecting their incomes to increase rose to 15.8 percent from 13.9 percent, while those anticipating a decrease in their incomes declined to 13.6 percent from 14.3 percent. Â Â [press release]
