Consumer Confidence Index makes another small gain
Records third straight month of increases
Furniture Today Staff -- Furniture Today, January 26, 2010
NEW YORK — The Consumer Confidence Index rose to 55.9 this month from 53.6 in December, the third consecutive month of small gains, The Conference Board reported today.
The research organization said the Present Situation Index rose to 25.0 from 20.2, while the Expectations Index increased to 76.5 from 75.9 last month (1985=100). Jan. 19 was the cutoff date for January's preliminary results.
"Consumer confidence rose for the third consecutive month, primarily the result of an improvement in present-day conditions," said Lynn Franco, director of The Conference Board Consumer Research Center. "Consumers' short-term outlook, while moderately more positive, does not suggest any significant pickup in activity in the coming months. Regarding their financial situation, while consumers were less dire about their income prospects than in December, the number of pessimists continues to outnumber the optimists."
Consumers' assessment of present-day conditions was, on the whole, more positive than last month. Those stating business conditions are "good" increased to 9% from 7.5%, but those stating business conditions are "bad" increased to 46.1% from 45.7%.
Consumers' assessment of the labor market improved moderately. Those claiming jobs are "hard to get" declined to 47.4% from 48.1%, while those claiming jobs are "plentiful" increased to 4.3% from 3.1%.
Consumers' short-term outlook, while overall more positive, was somewhat mixed. The percentage of consumers expecting an improvement in business conditions over the next six months decreased to 20.9% from 21.2%, while those anticipating conditions will worsen increased to 12.7% from 11.8%.
Regarding the outlook for the labor market, those expecting fewer jobs decreased to 18.9% from 20.6%. However, those expecting more jobs to become available in the months ahead declined to 15.5% from 16.4%. The proportion of consumers anticipating a decrease in their incomes declined to 16.2% from 18.4%.
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