U.S. consumer confidence in the economy rose for the third consecutive month in January, according to today’s release by the Conference Board.
The Conference Board’s Consumer Confidence Index increased to 55.9 vs 53.6 in December. It is the highest level of confidence among consumers since September 2008.
January’s index was better than the expected 53.5 forecast by economists.
Conference Board: “Consumer Confidence rose for the third consecutive month, primarily the result of an improvement in present-day conditions. 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 9.0 percent from 7.5 percent, however, those stating business conditions are “bad” increased to 46.1 percent from 45.7 percent. Consumers’ assessment of the labor market improved moderately. Those claiming jobs are “hard to get” declined to 47.4 percent from 48.1 percent, while those claiming jobs are “plentiful” increased to 4.3 percent from 3.1 percent.”