Consumer confidence has dropped again. But how will that affect Black Friday spending and sales?
Consumer and voter sentiment has dropped. Signals are mixed whether that’s hurting the economy.
This week’s economic calendar includes dispatches from the housing market and a taking of the consumer’s pulse.
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Is the economy on a winning streak, relatively speaking? This week’s jobs report might provide some clues.
Today, the Consumer Confidence Index for the month of March was released by The Conference Board.
Guess what? Consumers feel pretty OK. The index is down slightly from last month, to 70.2, but that was expected after the big gain in February.
“The moderate decline was due solely to a less favorable short-term outlook, while consumers’ assessment of current conditions, on the other hand, continued to improve. The Present Situation Index now stands at its highest level in three and a half years (61.1, Sept. 2008), suggesting that despite this month’s dip in confidence, consumers feel the economy is not losing momentum,” Lynn Franco, director of The Conference Board Research Center, said in a press release.
Another week brings more economic indicators for investors to watch. This time around, we’ll see pending home sales, consumer confidence, durable goods orders, the weekly initial jobless claims, as well as personal income and outlays.
Pending home sales
This report came out Monday morning from the National Association of Realtors. It tracks signed contracts on homes, condos and co-ops and is considered a leading indicator of housing activity.
The pending home sales index came in under expectations, falling 0.5 percent for the month of February.
On Tuesday, the Conference Board releases the Consumer Confidence Index for the month of March. Consumer confidence skyrocketed in February, up to 70.8 from 61.5, the revised reading for January.
Bad news, everybody. The Conference Board Consumer Confidence Index fell this month, from 53.2 in August to 48.5 in September. Consumers aren’t harboring high hopes for the near future, either. The Expectations Index also fell – to 65.4 from 72 in August. Lynn Franco, director of The Conference Board Consumer Research Center, offered an explanation for
Every month, a business research organization called The Conference Board surveys 5,000 people to find out how they’re feeling about the economy. Their results are known as The Conference Board Consumer Confidence Index. The results for August were released Tuesday morning and showed that consumers are feeling slightly less bleak, the Conference Board press release