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Financial News: U.S. Consumer Confidence Index Jumps To Two-Year High

U.S. Consumer Confidence Index Jumps To Two-Year High In January

01/30/2024 - 12:17:00 (RTTNews)

(RTTNews) - A report released by the Conference Board on Tuesday showed a continued improvement in U.S. consumer confidence in the month of January.

The Conference Board said its consumer confidence index jumped to 114.8 in January from a downwardly revised 108.0 in December.

Economists had expected the consumer confidence index to climb to 114.0 from the 110.7 originally reported for the previous month.

The consumer confidence index increased for the third consecutive month, reaching its highest level since December 2021.

"January's increase in consumer confidence likely reflected slower inflation, anticipation of lower interest rates ahead, and generally favorable employment conditions as companies continue to hoard labor," said Dana Peterson, Chief Economist at The Conference Board.

The report said the present situation index surged to 161.3 in January from 147.2 in December, buoyed by more positive views of business conditions and the employment situation.

Reflecting receding pessimism around future business conditions, labor market, and income prospects, the expectations index also rose to 83.8 in January from 81.9 in December,

"January's write-in responses revealed that consumers remain concerned about rising prices although inflation expectations fell to a three-year low," said Peterson.

She added, "Buying plans dipped in January, but consumers continued to rate their income and personal finances favorably currently and over the next six months."

On Friday, the University of Michigan is scheduled to release its revised reading on consumer sentiment in the month of January.

The consumer sentiment index for January is expected to be unrevised from the preliminary reading of 78.8, which was up sharply from 69.7 in December.

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