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Consumer Confidence Increases |
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Written by Ken Lee
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08.25.2009 |
The consumer confidence index, as measured by the Conference Board, increased in August following two straight months of decline. The index increased to a reading of 54.1 in August from a revised July figure of 47.4. With this month's gain, the consumer confidence index is now back to its highest levels since March. The consumer confidence index is still down from its levels this time last year when the index stood at 58.5.
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Current Release |
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| MOST RECENT STATISTIC: |
46.6 |
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| PERIOD COVERED: |
July 2009 |
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| Date Released: |
07/28/09 |
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| Next Release: |
08/25/09 |
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| Grade: |
F |
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| Index: |
46.6 |
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| Present Situation: |
23.4 |
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| Expectations: |
62.0 |
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Both component indexes also increased in August. The present situation index increased from the previous month to a reading of 24.9 from 23.3 last month. The expectations index increased to 73.5 from 63.4 in the previous month. The expectations index is now at its highest levels since December 2007 which shows consumers have a more positive outlook about the future. All nine regions in July posted monthly increases in the consumer confidence index. The Pacific region posted the largest monthly gain, jumping 47.99% from last month.
Sentiment regarding present business conditions and the present employment situation were mixed compared to last month. Consumers' expectations of business conditions, employment, and income for the next six months were more positive in July.
The number of people surveyed that plan to buy a home within the next 6 months increased to 2.8% from 2.1% while the portion that plans to buy a new home increased to 0.6% from 0.4% last month. A drawdown in mortgage rates along with the expiration of the homebuyer tax credit approaching may spur home-buying activity in the third quarter.
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