ECON: Consumer Confidence Stronger Than Expected
- Dec Consumer Confidence 78.1 vs 76.0 Forecast
- Nov revised to 72.0 from 70.4
- Present Situation 76.2 vs 73.5 in Nov, highest since April 2008
- Market Reaction: holding post Chicago PMI improvement, leaving us somewhere between the day's highs and lows
The Conference Board Consumer Confidence Index, which had decreased in November, rebounded in December. The Index now stands at 78.1 (1985=100), up from 72.0 in November. The Present Situation Index increased to 76.2 from 73.5. The Expectations Index increased to 79.4 from 71.1 last month.
The monthly Consumer Confidence Survey, based on a probability-design random sample, is conducted for The Conference Board by Nielsen, a leading global provider of information and analytics around what consumers buy and watch. The cutoff date for the preliminary results was December 17.
Says Lynn Franco, Director of Economic Indicators at The Conference
Board: “Consumer confidence rebounded in December and is now close to
pre-government shutdown levels (September 2013, 80.2). Sentiment
regarding current conditions increased to a 5 ½ year high (April 2008,
81.9), with consumers attributing the improvement to more favorable
economic and labor market conditions. Looking ahead, consumers expressed
a greater degree of confidence in future economic and job prospects,
but were moderately more pessimistic about their earning prospects.
Despite the many challenges throughout 2013, consumers are in better
spirits today than when the year began.”