Dayhoff Soundtrack: Consumer confidence rises to near post-recession peak

Wednesday, December 28, 2011

Consumer confidence rises to near post-recession peak

The Consumer Confidence index was 64.5 in December, a gain of nearly 10 points from November, according to the monthly survey from the Conference Board.

By Tiffany Hsu, Los Angeles Times

December 27, 2011, 4:12 p.m.

http://www.latimes.com/business/la-fi-consumer-confidence-retail-20111228,0,624437.story

Consumers are feeling better about the economy, according to the monthly survey from the Conference Board that shows confidence levels near the post-recession peak.

The Consumer Confidence index stood at 64.5 in December, up nearly 10 points from a revised 55.2 in November. That month was itself a 15-point gain from October's 40.9, the lowest level since the recession.

Although the index is still below the 90 level that economists consider the threshold for a stable economy, December's rating that was released Tuesday was the highest since 66 in April.

The highest the index has been since the recession ended was 72 in February.

More shoppers believe that business conditions are good — 16.6% compared with 13.9% in November, according to the Conference Board. And fewer people — 41.8% compared with 43% in November — say that jobs are hard to find.

A higher percentage also said that the outlook for business and jobs will continue to improve during the next six months.

A similar, weekly index from pollster Gallup also saw consumer confidence improve in December. That measure, which was also released Tuesday, combined Americans' ratings of current economic conditions and their perceptions of whether the economy is deteriorating or improving.

Gallup said December is shaping up as the most optimistic month since June.

But consumers are still more dour than they were in the summer... http://www.latimes.com/business/la-fi-consumer-confidence-retail-20111228,0,624437.story