Consumer Confidence strengthened in November 2018. In this month, the Consumer Confidence Index (CCI) rose by 0.8 percent from 98.2 to 99.0, after dropping 3.2 percent in the previous survey. Our latest survey reveals that consumers are more upbeat on the economic outlook. In addition, they are also more positive on the job market outlook as well as their family incomes. Our survey also shows that consumer concerns on rising foodstuff prices eased in the November survey. On a less positive note, however, more consumers are worried by job scarcity at the present time.
One of the two main components which make up the CCI declined in November: the component measuring consumer sentiment toward current conditions, the Present Situations Index (PSI), fell 1.4 percent to 82.7, as sentiment toward the current state of the local economy and the job market deteriorated. The other main component of the CCI - the one measuring consumer sentiment toward the future (the Expectations Index or EI) - increased, however. This index added 2.0 percent to 111.3. The increase in this index reflects stronger consumer optimism toward the local economy and the job market outlook over the next six months.
With consumers being more upbeat on the national economic outlook, buying intentions for durable goods increased in November. In our survey, 45.42 percent of consumers expressed plans to purchase a durable good over the next six months, or up from 44.37 percent in the previous month. Furthermore, on a yearly comparison, buying intentions for durable goods are also higher since only 44.20 percent of consumers expressed plans to purchase a durable good back in November 2017.
Consumer confidence in the government’s ability to carry out its duties weakened in the November survey. After increasing 4.2% in the previous survey, the Consumer Confidence in the Government Index (CCGI ) sl ipped 0.7% to 110.4. Two components of the CCGI increased in our latest survey, while the other three declined. Nonetheless, four CCGI components are still above the neutral level of 100, thereby indicating that
consumers are generally still convinced in the government’s ability to carry out its duties.
Consumer Confidence Dec 18