Saturday, November 17, 2012
USA Consumer Confidence Increases to 55-Month High!
The Conference Board: Consumer Confidence Index
The October 2012 Consumer Confidence Index increased +3.8 to 72.2 (preliminary) to a 55-month high, after descending to a 9-month low in August. Fickle Americans: this summer Armageddon was on the horizon and then happy days are here again!
The October reading is below the 74.1 monthly average from January 2005 through October 2012. However, this reading is significantly above the dismal October 2011 reading of 40.9, which was a 30-month low, the lowest since April 2009. Compared to the Pre-Great Recession peak of 111.9 in July 2007 consumer confidence continues at historically low levels regardless of the monthly ups and downs.
Says Lynn Franco, Director of The Conference Board Consumer Research Center, "The Consumer Confidence Index increased again in October and is now at its highest level this year. Consumers were considerably more positive in their assessment of current conditions, with improvements in the job market as the major driver. Consumers were modestly more upbeat about their financial situation and the short-term economic outlook, and appear to be in better spirits approaching the holiday season."
Consumer Confidence Index by Month The Consumer Confidence Index (CCI) has reached a Post-Great Recession peak of 72.2 in October 2012. The Great Recession cyclical low was 25.3 in February 2009. The Pre-Great Recession peak was 111.9 in July 2007.
Consumer Confidence Index by Year For each year, the related months are averaged. The Great Recession low was in 2009 at a 45.2 average and the Post-Great Recession peak has been 2011 at a 58.2 average, which was a 4-year high. For the 10 months ended October 2012, consumer confidence is at a 5-year high of 66.6.
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