Friday, June 2, 2023

US consumer confidence increases slightly in March. How will it affect your consumption?

The Conference Board’s Consumer Confidence Index rose slightly in March to 104.2, up from 103.4 in February, meaning that despite the current economic environment, consumers feel a little more secure.

“Driven by increased optimism, consumer confidence improved somewhat in March, but remains below the average level observed in 2022 (104.5). The increase reflects a better outlook for consumers under the age of 55 and for households earning $50,000 or more,” said Ataman Ozyildirim, senior director of economics at The Conference Board.

“Although consumers feel a little more confident about what lies ahead, they are still a little less pessimistic about the current outlook. The share of consumers who say jobs are ‘abundant’ fell, while the share saying jobs are ‘not that plentiful’ rose. The latest results also show that their inflation expectations for the next 12 months remain high, at 6.3%. General vehicle purchase plans continued to weaken, while car purchases saw a slight increase,” Ozyildirim threatened.

In this month’s special report, the Consumer Confidence Survey asked about spending plans over the next six months for services.

The results show that consumers plan to spend less in very discrete categories, such as playing the lottery, visiting amusement parks, going to the movies, personal entertainment, and dining out.

But they say they are spending more on discretionary categories like health care, home or auto maintenance and repair, and cheaper entertainment options like streaming. Spending on personal care, pet care and financial services like tax preparation is also likely to remain.

As for the Current Situation Index – based on consumer ratings of business and current employment conditions – it decreased to 151.1 from 153.0 last month.

The Outlook Index – based on consumers’ outlook on the future of income, business and labor market conditions – rose to 73.0 from 70.4 in February. However, for 12 of the last 13 months since February 2022, the expected index has been below 80, a field that often means a recession within the next year.

It is important to note that the cut-off date for the object was 20 days before the April Fool’s Day after the protests in the United States of America.

Keep reading:
· In the US, middle-income parents are struggling to support their families, a survey reveals
· The Conference Board’s Economic Index continued to fall in February, indicating that the risk of a recession remains
· Consumer confidence fell again in February: Conference Board

Nation World News Desk
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