Wednesday, November 28, 2012
USA Consumer Confidence Increases to 57-Month High!
The Conference Board: Consumer Confidence Index
The November 2012 Consumer Confidence Index increased +0.6 to 73.7 (preliminary) to a 57-month high, after descending to a 9-month low in August. Fickle Americans: this summer Armageddon was on the horizon and now happy days are here again!
The November reading is just below the 74.2 monthly average from January 2005 through November 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 in November and is now at its highest level in more than four and a half years (76.4 Feb. 2008). This month’s moderate improvement was the result of an uptick in expectations, while consumers’ assessment of present-day conditions continues to hold steady. Over the past few months, consumers have grown increasingly more upbeat about the current and expected state of the job market, and this turnaround in sentiment is helping to boost confidence."
Consumer Confidence Index by Month The Consumer Confidence Index (CCI) has reached a Post-Great Recession peak of 73.7 in November 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 11 months ended November 2012, consumer confidence is at a 5-year high of 67.3.
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