It’s not much, but Aug. consumer confidence up a bit


It’s not much, but Aug. consumer confidence up a bit

It’s not much, but Aug. consumer confidence up a bit

NEW YORK – Aug. 27, 2013 – The Conference Board Consumer Confidence Index, which had declined in July, increased slightly in August.

The Index now stands at 81.5, up from 81.0 in July. The Present Situation Index that measures attitudes about current conditions decreased to 70.7 from 73.6. However, the Expectations Index that gauges attitudes about conditions over the next six months increased to 88.7 from 86.0 last month.

“Consumer confidence increased slightly in August, a result of improving short-term expectations,” says Lynn Franco, director of economic indicators. “Consumers were moderately more upbeat about business, job and earning prospects. In fact, income expectations, which had declined sharply earlier this year with the payroll tax hike, have rebounded to their highest level in two and a half years. Consumers’ assessment of current business and labor market conditions, on the other hand, was somewhat less favorable than last month.”

Consumers’ assessment of current conditions
Those stating business conditions are “good” decreased to 18.4 percent from 20.8 percent, while those stating business conditions are “bad” was virtually unchanged at 24.8 percent.

Consumers’ appraisal of the labor market was mixed. Those claiming jobs are “plentiful” decreased to 11.4 percent from 12.3 percent, while those claiming jobs are “hard to get” declined to 33.0 percent from 35.2 percent.

Consumers’ assessment of next six months
Those expecting business conditions to improve over the next six months edged up to 20.1 percent from 19.9 percent. Those expecting business conditions to worsen declined slightly to 11.1 percent from 11.3 percent.

Consumers’ outlook for the labor market remained upbeat. Those anticipating more jobs in the months ahead increased to 17.6 percent from 16.7 percent, while those anticipating fewer jobs edged down to 17.3 percent from 17.7 percent.

The proportion of consumers expecting their incomes to increase improved to 17.4 percent from 15.7 percent. Those expecting a decrease declined slightly to 13.5 percent from 13.7 percent.

Nielsen conducts the monthly Consumer Confidence Survey for The Conference Board based on a probability-design random sample. The cutoff date for the preliminary results was Aug. 15.

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