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Economy in Brief
Philadelphia Fed Manufacturing Index Jumps in January
The Federal Reserve Bank of Philadelphia Factory Sector Business Conditions Index jumped to January to 26.5...
U.S. Initial Jobless Claims Ease, but Are Still High
Initial claims for unemployment insurance fell to 900,000 in the week ended January 16...
French Surveys Improve Despite Ongoing Virus Issues
The spread of the virus in Franc is still untamed...
U.S. Home Builder Sentiment Slips in January
The Composite Housing Market Index from the NAHB-Wells Fargo declined 3.5% m/m (+10.7% y/y) in January...
Decline in Refinancing Drags Down U.S. Mortgage Applications
The MBA Mortgage Loan Applications Index fell 1.9% w/w (+56.2% y/y) in the weekend January 15...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller January 29, 2008
The Conference Board reported today that consumer confidence gave back about all of its December gain. The level fell 3.0% in January to a reading of 87.9. The decline was slightly less than had been expected by economists but it was to a point near the low of last year.
A decline in the expectations component accounted for all of last month's decline with an 8.2% m/m drop. Expectations for employment (more jobs) and for business conditions deteriorated.
The percentage of respondents planning to buy an existing home
fell but those planning to buy a new home rose to the highest in four
months. Those planning to buy a major appliance rose to the highest
level since August.
Respondents planning to buy an automobile within the next six months rose sharply
The present conditions index rose 2.1% and that made up just a small piece of the declines during the last nine months of 2007. Just 20.7% of respondents saw business conditions as good, near the least since 2004, but a slightly greater 23.9% saw jobs as plentiful.
The expected inflation rate in twelve months fell m/m to 5.3% but that still was up from the 5.1% expected rate during 2006 and 2007.
Conference
Board (SA, 1985=100) |
January | December | Y/Y | 2007 | 2006 | 2005 |
---|---|---|---|---|---|---|
Consumer Confidence Index | 87.9 | 90.6 | -20.2% | 103.4 | 105.9 | 100.3 |
Present Conditions | 115.3 | 112.9 | -13.9% | 128.8 | 130.2 | 116.1 |
Expectations | 69.6 | 75.8 | -26.3% | 86.4 | 89.7 | 89.7 |