Source: The Conference Board
Consumer confidence in the United States eased in the first month of the year on the back of heightened concerns involving the COVID-19 Omicron variant.
- The Conference Board Consumer Confidence Index stood at 113.8 in January, down from 115.2 in December. This follows three straight months of growth.
- Consumers were less optimistic about short-term business conditions, labor market outlook, and financial prospects during the month.
- The Present Situation Index climbed to 148.2 from 144.8, while the Expectations Index slipped to 90.8 from 95.4.
- Senior Director of Economic Indicators Lynn Franco said the latest figures indicate that short-term growth prospects are likely to moderate in the first quarter.
- The share of consumers planning to acquire homes, automobiles, and major appliances in the next six months grew as inflation fell for the second month.
- Both confidence and spending are likely to face difficulties due to the continuous increase in prices and the ongoing pandemic.