Consumer Confidence improves slightly
The Conference Board Consumer Confidence Index inched upwards to a December reading of 92.6, compared to 91.0 in November.
The Present Situation Index rose to 98.6 from 93.7, while the Expectations Index decreased to 88.5 from 89.3 in November.
“Consumer confidence rebounded modestly in December, propelled by a considerably more favorable assessment of current economic and labor market conditions,” said Lynn Franco, director of economic indicators at The Conference Board. “As a result, the Present Situation Index is now at its highest level since February 2008 (Index, 104.0). Consumers were moderately less optimistic about the short-term outlook in December, but even so, they are more confident at year-end than they were at the beginning of the year.”
Consumers’ appraisal of current conditions was considerably more favorable in December. Those saying business conditions are “good” was unchanged at 24.8%, while those claiming business conditions are “bad” decreased from 21.8% to 19.6%.
The full release from Conference Board can be found here.