Consumer Confidence Tops Expectations to Rise 2.2% in January-The Conference Board

U.S consumer confidence index rose to 89.3 in January, up from December’s 87.1, and above expected 89, according to the Conference Board press release. The increase was fueled by optimism about the outlook of the economy and job market in light of fiscal aid and coronavirus vaccines distribution. 

• The gauge of expectations rose to a three-month high of 92.5, while a measure of sentiment about current conditions fell to 84.4, the worst reading since May.
• The improvement in consumer sentiment follows last month’s passage of a $900 billion aid package and coincides with the proposed $1.9 trillion in additional stimulus.
• The share of Americans expecting better business conditions in the next six months increased to a three-month high of 33.7% from 29.5%.
• The share of Americans anticipating more jobs in the next six months climbed to 31.3%, the highest since October.
• Americans expecting jobs to be hard to get rose to the highest level since May, underscoring a depressed labor market. 
• A little more than two-thirds see their incomes remaining the same in the next six months
• The share of Americans expecting to buy a new car increased to 10.7% from 9.8%, and more said they intended to buy a home.

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