Consumer Confidence edges up slightly in November
Expectation index also moves up a bit
Furniture Today Staff -- Furniture Today, November 24, 2009
NEW YORK — The Consumer Confidence Index edged up slightly to 49.5 in November from 48.7 in October, the Conference Board reported today.Opinions were virtually unchanged about today's economy, with the Present Situation Index at 21.0 versus 21.1 last month. The Expectations Index rose slightly to 68.5 from 67.0 in October.
"Consumer Confidence posted a slight gain in November. The Present Situation Index, however, was virtually unchanged and remains at levels not seen in 26 years (since hitting 17.5 in February 1983)," said Lynn Franco, director of The Conference Board Consumer Research Center.
"The moderate improvement in the short-term outlook was the result of a decrease in the percent of consumers expecting business and labor market conditions to worsen, as opposed to an increase in the percent of consumers expecting conditions to improve. Income expectations remain very pessimistic and consumers are entering the holiday season in a very frugal mood," she said.
Consumers in November who said business conditions are "bad" decreased to 45.7% from 46.7% in October, while those claiming conditions are "good" increased to 8.1% from 7.8%.
Consumers' assessment of the labor market deteriorated moderately. Those claiming jobs are "hard to get" increased to 49.8% from 49.4%, while those claiming jobs are "plentiful" decreased to 3.2% from 3.5%.
Consumers' short-term outlook improved slightly in November. The percentage of consumers expecting an improvement in business conditions over the next six months decreased slightly to 20% from 20.8%, but those expecting conditions to worsen decreased to 15.1% from 18.2%.
The labor market outlook was also slightly less pessimistic. Those anticipating more jobs in the months ahead declined to 15.2% from 16.8%, but those expecting fewer jobs decreased to 23.1% from 26.1%. The proportion of consumers expecting an increase in their incomes decreased to 10% from 10.7%.
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