Consumer confidence increases in December, survey finds
But it’s not clear if upswing signals stronger economic activity ahead
By Furniture Today Staff -- Furniture Today, December 28, 2006
NEW YORK — Consumer confidence improved a bit in December, ticking up to 109 from 105.3 in November, according to The Conference Board.
The Present Situation Index increased to 129.9 from 125.4, while the Expectations Index improved to 95.1 from 91.9 last month.
“Despite the latest improvement, there is little to suggest that the pace of economic activity in the final quarter of 2006 is anything but moderately better than its uninspiring performance earlier this year,” said Lynn Franco, director of the board’s Consumer Research Center. “Given the seesaw pattern in recent months, it is too soon to tell if this boost in confidence is a genuine signal that better times are ahead.”
Consumers’ assessment of present-day conditions was more upbeat than in November. Those claiming conditions are “bad” decreased to 14.6% from 16.2%. Those saying conditions are “good,” however, edged down to 27.2% from 27.5%.
Respondents who said jobs are “hard to get” declined to 21.2% from 22.1%. Those claiming jobs are “plentiful” increased to 26.9% from 25.7% in November.
Consumers’ outlook for the next six months was more encouraging than in November. Those anticipating business conditions to worsen decreased to 7.9% from 8.5%. Those expecting business conditions to get better increased slightly to 16.3% from 16%.
Those expecting more jobs to become available in the coming months edged up to 14% from 13.3%, while those anticipating fewer jobs edged down to 15.9% from 16.1%.
The proportion of consumers expecting their incomes to increase in the months ahead declined to 19.6% from 22% in November.
The Consumer Confidence Index is based on a representative sample of 5,000 U.S. households. The cutoff date for this month’s preliminary results was Dec. 19.
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