US consumer confidence grows in December - Breaking The News

US consumer confidence grows in December

21 December

1 min read

EPA-EFE/JUSTIN LANE

Consumer confidence in the United States rose in December compared to the previous month, the Conference Board said in a release on Wednesday. The Consumer Confidence Index reached 108.3, compared to 101.4 in November, and far higher than the estimated 101.

The Present Situation Index increased to 147.2 from 138.3 in November, while the Expectations Index was up to 82.4 from 76.7, although the report indicated that expectations around the 80-mark are associated with recession.

"Inflation expectations retreated in December to their lowest level since September 2021, with recent declines in gas prices a major impetus. Vacation intentions improved but plans to purchase homes and big-ticket appliances cooled further. This shift in consumers' preference from big-ticket items to services will continue in 2023, as will headwinds from inflation and interest rate hikes," Senior Director of Economic Indicators Lynn Franco said.

data consumer confidence

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