United States: Consumers more confident in January
January 28, 2014
In January, the Conference Board consumer confidence index rose from December's revised 77.5 points to 80.7 points. The reading was slightly above market expectations of a rise to 79.0 points.
January's increase in confidence was mainly driven by an improvement in consumers' outlook with respect to their current financial situations. Households surveyed also expressed more positive expectations regarding their personal finances over the next 12 months. Respondents' assessment of the future job market was also more positive; a greater number of people anticipated more jobs in the coming months.
The Conference Board emphasized that consumers' more positive assessment of the economy in January stems from improvements in their outlook both the present and future. The director of the Board explained that, "all in all, confidence appears to be back on track and rising expectations suggest the economy may pick up some momentum in the months ahead."
Author: Carl Kelly, Economist