Consumer confidence reaches 8-year high
After a strong December, consumer confidence in the United States rose sharply in January to its highest level since August 2007, the Conference Board announced Tuesday.
The index rose to 102.9, up from 93.1 in December.
“A more positive assessment of current business and labor market conditions contributed to the improvement in consumers’ view of the present situation,” Lynn Franco, director of economic indicators at The Conference Board, said in a statement.
The present situation Index, which looks at current conditions, rose to 112.6 from 99.9, while the future, or “expectations” index increased to 96.4 from 88.5 in December.
Consumers’ assessment of current conditions was considerably more favorable in January than in December. Those saying business conditions are “good” increased from 24.7 percent to 28.1 percent, while those claiming business conditions are “bad” decreased from 18.9 percent to 16.8 percent. Consumers were also much more positive in their assessments of the job market. Those stating jobs are “plentiful” increased from 17.2 percent to 20.5 percent. Those claiming jobs are “hard to get” decreased from 27.3 percent to 25.7 percent.
Consumers’ outlook for the future labor market was also more optimistic. Those anticipating more jobs in the months ahead increased from 14.6 percent to 16.7 percent, while those anticipating fewer jobs declined from 16.5 percent to 15 percent.
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