Consumer confidence inches up, tentatively
By Staff -- Home Textiles Today, 9/30/2008 2:21:00 PM
New York – The Consumer Confidence Index inched up to 59.8 in September, a step above the August mark of 58.5, but the outlook is uncertain beyond the short term.
“September’s increase,” said Lynn Franco, director of The Conference Board Consumer Research Center, “was due solely to an improvement in the short-term outlook.”
The proportion of consumers “anticipating business conditions to worsen over the next six months declined to 21.3% from 25.2%, while those expecting conditions to improve rose to 13.5% from 12.0%. Franco termed even this slightly improved short-term comparison “grim.”
Franco noted that the results of the survey, which was completed on Sept. 23, “did not capture all of the tumultuous events in the financial sector this month, and until the dust settles a bit more, we will not know the full impact on consumers’ expectations. Shocks, such as the 1987 crash, generally tend to have a temporary adverse effect on confidence, lasting on average two to four months, unless they result in significant job losses.”
“The outlook for the job market moderately improved” for now, the study showed: “The percent of consumers anticipating fewer jobs in the months ahead declined to 26.8% from 30.0% , while those anticipating more jobs increased to 11.8% from 10.7%. The proportion of consumers expecting their incomes to increase in the months ahead decreased slightly to 14.2% from 15.4%.”
The Index now stands at its highest mark since April, when it sank to 62.8, after starting the year at 87.3 in January.
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