·
The Conference Board’s Index of Consumer
Confidence surged nearly ten points to 102.3 in December. Consensus
expectations had been for a reading of 94.0. The latest was the highest
Confidence reading since July.
· Jobs were viewed as hard to get by 26.4% of survey participants, down from levels near 28% during the prior three months. Jobs were viewed as plentiful by 19.4% of survey participants, the highest since July.
· During the last twenty years there has been a 51% correlation between consumer confidence and the y/y change in real consumer spending. The correlation rose to 66% during the last ten years.
· The present situation index jumped 10.0% to 105.9 (+39.3% y/y). The index of consumer expectations also rose a strong 10.8% to 99.9 (-7.0% y/y), the highest level since July.
· The Conference Board’s survey is conducted by a mailed questionnaire to 5,000 households and about 3,500 typically respond.