Consumer Confidence Index Sees Biggest Increase In 8-Year History

[Purveyor]

An overall feeling of job security in the U.S. has consumer confidence at a 16-month high, according to a survey released by the Royal Bank of Canada.

The RBC CASH Index, a monthly report of consumer attitudes, increased by the widest margins in its eight-year history this month, according to a release.

The Index, which is comprised of 100 possible points, stands at 58.3, up 19.3 points from its December reading.

"The latest increase seems to be based on the recent string of positive economic news," said RBC Capital Markets U.S. economist Tom Porcelli. "This bodes well for continued improvement in consumer confidence, which will be crucial to economic recovery."

The Index is based on the current and future state of local economies, personal finance situations, savings and confidence to make large investments.

http://www.nj.com/business/index.ssf/2010/01/consumer_confidence_index_sees.html

[NightWatcher]

1. I call Bull Shit.

I conducted a survey of three guys in my neighborhood who are unemployed and we all think it sucks.


I love how now we are just making shit up. Next week will RBD revise their original numbers, it seems that's how we do things now. Report great numbers too a lot of fanfare then a week later revise them down very quietly.

[amborin]

6. "retails sales down in December" article:

"it turns out retail sales actually fell in December, leaving economists scratching their heads about the state of the recovery.

Sales dropped 0.3 percent from the month before, mostly because people spent less on cars and appliances, the government said Thursday. For the year, they fell 6.2 percent.

Economists said the monthly decline could just be a blip and suggested looking at the past two months together, which would show spending rising modestly. But with unemployment high and credit tight, the report shows the recovery remains tentative......"

snip

http://news.yahoo.com/s/ap/20100114/ap_on_bi_go_ec_fi/us_economy_32

[existentialist]

2. Consumer confidence on the rise? Why?

Based on what?

I see a few things to find hope in, such as the green jobs program if it can get off the ground, and such as a few more people seeming to come to grips with financial and fiscal realities. But the benefits I see on these and other points are long term, and not immediate, and the fact that consumer confidence is on the rise regarding the short term actually causes me concern rather than giving immediate hope.

[SoCalDem]

5. Actually, if you are employed right now, after relentless layoffs

you might be a little more confident of your position..especially if you have stopped using plastic, paid off a few debts & have started saving.

The people who did not answer the phone for the survey, might be hunkering down,letting voicemail catch all the collection calls..so maybe they did not respond to the survey:)

[bluestateguy]

3. V

Cue the Morning in America ads for 2012.

[Scurrilous]

4. Good news!

K & R :thumbsup:

[notadmblnd]

7. what positive string of news would that be?

who do they survey, Bankers, Realtors, Automotive and health care leaders?

[whoneedstickets]

8. We've seen the bottom...

The downturn will end when consumers and corporations think it has ended and start to spend and hire again. If this news suggests that consumers think we've seen the bottom and then a turn-around by summer is in the works!