Consumer Confidence Renewed After Shutdown Woes

Consumer confidence in February perked up, following a hit from the shutdown at the start of the year, according to an industry measure.

The Conference Board Consumer Confidence Index® for February posted a 131.4 reading, a leap from 121.7 in January.

The Expectations reading, which assesses attitudes on business, employment and income prospects six months out, jumped as well, up to 103.4, while the Present Situation reading, which assesses attitudes on conditions currently, ticked up to 173.5.

“Consumer Confidence rebounded in February, following three months of consecutive declines,” said Lynn Franco, senior director of Economic Indicators at The Conference Board, in a statement. “The Present Situation Index improved, as consumers continue to view both business and labor market conditions favorably. Expectations, which had been negatively impacted in recent months by financial market volatility and the government shutdown, recovered in February.

“Looking ahead, consumers expect the economy to continue expanding; however, according to The Conference Board’s economic forecasts, the pace of expansion is expected to moderate in 2019,” Franco said.

Source: RISMedia – 3/2/2019

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