NEW YORK, Jan. 29, 2013 /PRNewswire/ — The Conference Board Consumer Confidence Index®, which had declined in December, fell further in January.
The Consumer Confidence Index now stands at 58.6 (1985=100), down from 66.7 in December.
The Expectations Index declined to 59.5 from 68.1.
The Present Situation Index decreased to 57.3 from 64.6 last month.
The monthly Consumer Confidence Survey®, based on a probability-design random sample, is conducted for The Conference Board by Nielsen, a leading global provider of information and analytics around what consumers buy and watch.
The cutoff date for the preliminary results was January 17.
Says Lynn Franco, Director of Economic Indicators at The Conference Board: “Consumer Confidence posted another sharp decline in January, erasing all of the gains made through 2012.
“Consumers are more pessimistic about the economic outlook and, in particular, their financial situation.
“The increase in the payroll tax has undoubtedly dampened consumers’ spirits and it may take a while for confidence to rebound and consumers to recover from their initial paycheck shock.”
Consumers’ appraisal of current conditions deteriorated in January.
Those that state business conditions are…
- good declined to 16.7% from 17.2%
- bad increased to 27.4% from 26.3%
Consumers’ assessment of the labor market has also grown more negative.
Those saying jobs are
- plentiful declined to 8.6% from 10.8%
- hard to get increased to 37.7% from 36.1%
Consumers’ optimism about the short-term outlook continued to deteriorate in January.
Those expecting business conditions over the next 6 months to
- improve declined to 15.4% from 18.1%
- worsen declined slightly to 20.6% from 21.1%
Labor Market Outlook
Consumers’ outlook for the labor market was more pessimistic.
In the months ahead, those anticipating
- more jobs declined to 14.3% from 17.9%
- fewer jobs remained virtually unchanged at 27.0%
The proportion of consumers expecting their incomes to
- decline rose to 22.9% from 19.1%
- increase declined to 13.6% from 15.6%
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SOURCE January 2013 Consumer Confidence Survey®; The Conference Board
Web Site : http://www.conference-board.org
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