U.S. Consumer Confidence Ticks Up in January -- Conference Board
By Xavier Fontdegloria
Consumer confidence in the U.S. rose in January as expectations
for the economy and the labor market improved, according to data
from the Conference Board released Tuesday.
The group's consumer confidence index rose to 89.3 in January
from 87.1 in December.
January marks the first uptick in consumer confidence after two
consecutive months of declines for the index. However, it remains
below the October level of 101.4, which was the highest since the
coronavirus pandemic hit the U.S., and February's pre-pandemic
level of 132.6.
The January increase was driven by consumers' more upbeat
outlook for the economy and jobs, suggesting they foresee
conditions improving in the not-too-distant future, said Lynn
Franco, senior director of economic indicators at the Conference
"In addition, the percent of consumers who said they intend to
purchase a home in the next six months improved, suggesting that
the pace of home sales should remain robust in early 2021," Ms.
However, "consumers' appraisal of present-day conditions
weakened further in January, with Covid-19 still the major
suppressor," she said.
Write to Xavier Fontdegloria at email@example.com
(END) Dow Jones Newswires
January 26, 2021 13:27 ET (18:27 GMT)
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