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News : US Economy Last Updated: Dec 29, 2010 - 9:30 AM


US Consumer Confidence Index slipped in December
By Finfacts Team
Dec 29, 2010 - 6:24 AM

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The Conference Board US Consumer Confidence Index, which had improved in November, decreased slightly in December. The Index now stands at 52.5 (1985=100), down from 54.3 in November. The Present Situation Index declined to 23.5 from 25.4. The Expectations Index decreased to 71.9 from 73.6 last month. The Consumer Confidence Survey is based on a representative sample of 5,000 US households. The monthly survey is conducted for the Conference Board by global market research firm TNS. The cutoff date for December’s preliminary results was December 20th.

Lynn Franco, Director of the Consumer Research Center at the Conference Board, a private New York-based research firm, said: "Despite this month's modest decline, consumer confidence is no worse off today than it was a year ago.

Consumers' assessment of the current state of the economy and labor market remains tepid, and their outlook remains cautious. Thus, all signs continue to suggest that the economic expansion will continue well into 2011, but that the pace of growth will remain moderate."

Consumers' appraisal of present-day conditions was slightly more pessimistic than in November. The percentage of consumers claiming business conditions are "bad" decreased to 41.2% from 42.9%, however, those claiming business conditions are "good" declined to 7.5% from 8.5%.

Consumers’ assessment of the labor market was less favorable than last month. Those saying jobs are "plentiful" decreased to 3.9% from 4.3%, while those stating jobs are "hard to get" edged up to 46.8% from 46.3%.

Consumers’ expectations were slightly less optimistic than in November. Those expecting an improvement in business conditions over the next six months edged up to 16.6% from 16.4%, while those anticipating business conditions will worsen edged down to 12.1% from 12.4%.

Consumers remained mixed about future job prospects. Those anticipating fewer jobs in the months ahead increased to 19.5% from 19.1%, while those expecting more jobs declined to 14.3% from 15.1%.

The proportion of consumers expecting an increase in their incomes decreased to 9.9% from 11.1%.

US consumer confidence unexpectedly deteriorated in December, hurt by increasing worries about the jobs market, according to a private report released on Tuesday:

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