United States: Consumer confidence plummets to lowest level in over a year
January 29, 2013
In January, the Conference Board consumer confidence index plummeted to 58.6 points from a revised 66.7 points in December (previously reported: 65.1 points). The figure came in below market expectations, which had consumer sentiment remaining at the unrevised 65.1 points, and represents the lowest reading since November 2011. Building on the monthly decline, consumer confidence is now 8.1 points below the level recorded in the same month last year.
According to the Conference Board, "consumer confidence posted another sharp decline in January, erasing all of the gains made through 2012. Consumers are more pessimistic about the economic outlook and, in particular, their financial situation". In fact, consumers' assessment of the current business conditions, the short-term outlook and the labour market outlook all deteriorated in January.