Economic Update: Consumer Confidence
The Conference Board’s Consumer Confidence Index surged higher in September.
The index was reported at 70.3, which was well above the consensus expectation for a reading of 63.3 and the August reading of 61.3 (July: 65.9, June: 62.7, May: 64.4, April: 68.7, March: 69.5, February: 71.6).
Lynn Franco, Director of the Consumer Research Center at The Conference Board said: “The Consumer Confidence Index rebounded in September and is back to levels seen earlier this year (71.6 in February 2012). Consumers were more positive in their assessment of current conditions, in particular the job market, and considerably more optimistic about the short-term outlook for business conditions, employment and their financial situation. Despite continuing economic uncertainty, consumers are slightly more optimistic than they have been in several months.”
Those expecting more jobs in the months ahead increased to 18.5% from 15.8%, while those anticipating fewer jobs declined to 18.5%from 23.7%.
The Present Situation component came in at 50.2 vs. 45.8 last month.
The expectations component improved to 83.7 from 70.5.
The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by TNS.
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