US Consumer Confidence Index Climbs More Than Expected In January

US Consumer Confidence Index Climbs More Than Expected In January

A measure of USA consumer confidence rose in January after a December decline, buoyed by consumers' expectations about the economy.

A measure of USA consumer confidence rose in January after declining a month earlier.

For analysts, the consumer confidence data is extremely important, as it increases the survey's indexes and signals an expected rise in household spending, which accounts for 70% of United States economic activity. While a component of the index tracking consumer assessments of current conditions slipped, the component tracking expectations increased. Consumers helped to prop up economic growth after the Brexit vote, but past year household spending fell as consumer confidence waned.

Meanwhile, the report said the present situation index dipped to 155.3 in January from 156.5 in the previous month. The percentage of people setting business conditions as "good", but slightly decreased from 35.8% to 34.9% in January. According to Lynn Franco, Director of Economic Indicators at The Conference Board, '...consumers remain quite confident that the solid pace of growth seen in late 2017 will continue into 2018.

The expectations component of the index climbed 4.7 points to 105.5. The percentage of consumers claiming jobs are 'plentiful rose from 36.3% to 37.6%.

Are jobs hard to get? Those anticipating fewer jobs delcined from 15.9% to 11.8%.

Those expecting income to increase in the near term fell to 20.4 per cent from 22.7 per cent, while those who think their income will stay the same rose to 71.9 per cent from 69.3 per cent. Though, the proportions of responders expecting more jobs in the months to come was virtually unchanged at 19%. Another 7.7 percent of consumers said they anticipate earning less, down 1.3 points.

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