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10-10-03 – The Conference Board's Consumer Confidence Index, which had rebounded in August, gave back all of the gain in September. The Index now stands at 76.8 (1985=100), nearly a five-point dip from 81.7 registered in August. “The lack of improvement in labor market conditions continues to dampen consumers’ spirits,” says Lynn Franco, Director of The Conference Board’s Consumer Research Center. “Despite September’s retreat, consumers remain cautiously optimistic about the outlook for the next six months. Consumer spending is likely to continue at or near current levels.”
08-28-03 – The Conference Board's Consumer Confidence Index, which had deteriorated last month, bounced back in August. The Index now stands at 81.7 (1985=100), up from 77.0 in July. According to Lynn Franco, “the welcome bounce back in confidence this month was entirely due to consumers’ increasing optimism about the future.”
07-31-03 – The Conference Board's Consumer Confidence Index, which was virtually unchanged in June, declined in July. The Index now stands at 76.6 (1985=100), down from 83.5 in June. “The rising level of unemployment and sentiment that a turnaround in labor market conditions is not around the corner have contributed to deflating consumers’ spirits this month,” says Lynn Franco, Director of The Conference Board’s Consumer Research Center.
07-03-03 – The Consumer Confidence Index, which improved moderately in May, was flat in June. The Index now stands at 83.5 (1985=100), compared to 83.6 in May. “While consumers’ assessment of current conditions has lost ground since April, expectations for the next six months are up,” says Lynn Franco, Director of The Conference Board’s Consumer Research Center. “In fact, consumers have grown increasingly optimistic over the last three months. The recent turnaround in the stock market and an easing in unemployment claims should keep consumer expectations at current levels and may signal more favorable economic times ahead.”
06-11-03 – The Conference Board's Consumer Confidence Index, which increased sharply in April 2003, posted a moderate increase in May 2003. The Index now stands at 83.8 (1985=100), up from 81.0 in April. “The post-war euphoria experienced last month has quickly given way and consumers’ focus has returned to matters on the home front,” says Lynn Franco, Director of The Conference Board’s Consumer Research Center.
05-02-03 – The CCI continued to decline in March 2003 to 62.5, as compared to 110.2 in March 2002.
03-24-03 – The Consumer Confidence Index declined sharply in February, the third consecutive monthly decline. The Index now stands at 64.0 (1985=100), down from 78.8 in January, an almost 15-point drop. “Lackluster job and financial markets, rising fuel costs, and the increasing threat of war and terrorism appear to have taken a toll on consumers,” says Lynn Franco, Director of The Conference Board’s Consumer Research Center. “This month’s confidence readings paint a gloomy picture of current economic conditions, with no apparent rebound on the short-term horizon.”
02-07-03 – The CCI reached its second-to-lowest level in three years in December 2002 at 80.3. Only October 2002 was lower at 79.6.
12-20-02 – The Consumer Confidence Index, which has declined for five straight months, rebounded in November 2002. The index now stands at 84.1, up from 79.6 in October. The rebound in expectations suggests consumers do not expect economic conditions to become worse,” says Lynn Franco, Director of The Conference Board’s Consumer Research Center. “This comeback, combined with yesterday’s upbeat forecasts for Christmas spending, signals a brighter holiday spending season than was anticipated only a month ago.”
11-26-02 – In October 2002, the Consumer Confidence Index nosedived to its lowest level, 79.4, since November 1993, when it stood at 71.9. "A weak labor market, the threat of military action in Iraq, and a prolonged decline in the financial markets have clearly dampened both consumers' confidence and their expectations for the near future," says Lynn Franco. "The outlook for the holiday retail season is now fairly bleak. Without the likelihood of a pickup in consumer spending, an already weak economic recovery could weaken further."
10-26-02 – The Conference Board's Consumer Confidence Index, which had fallen in the last three months, declined again in September. The Index now stands at 93.3 (1985=100), down from 94.5 in August. "Weak labor market conditions continue to erode confidence," says Lynn Franco, Director of The Conference Board's Consumer Research Center. "But while consumers are not as positive about current business conditions, they are more optimistic about the outlook than last month. Historically, this trend is prevalent during a recovery."
NOTE: The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by NFO WorldGroup, a member of The Interpublic Group of Companies (NYSE: IPG).
09-27-02 – Nothing new to report.
09-05-02 – CCI dropped dramatically in July 2002, to 97.4, followed by another drop in August 2002 to 93.5, possibly due to large declines in the value of the U.S. stock market. According to Franco, "the Consumer Confidence Index is now at its lowest level since November 2001." Most economists seem to be uncertain about where the nation's economy is headed; many seem to be taking a wait-and-see stance.
07-29-02 – CCI was relatively flat during the months of March, April and May of 2002. However, in June 2002, the index dropped four points to 106.4. "Weak labor market conditions, generally soft business conditions and waning public confidence in questionable business practices (i.e., WorldCom, Tyco, etc.) have helped erode consumer confidence," noted Lynn Franco, Director of The Conference Board's Consumer Research Center. "Still, the latest readings point to continued consumer spending and moderate economic growth."
06-28-02 – Although overall consumer confidence dropped a bit in April 2002, it's reassuring to note that one of the components comprising CCI, the Expectations Index, has risen dramatically over the early months of 2002. This means that consumers are anticipating an improvement in the U.S. economy. Many economists concur. On the other hand, the other component of CCI, the Present Situation Index, is substantially lower so far this year than it was last year. This just means that consumers are not really confident about the current circumstances of the nation's economy at this point in time. This could have implications for the upcoming summer travel season, suggesting that it may experience a slow start but a strong finish.
05-23-02 – Nothing new to report.
04-17-02 – According to many economists, the nation has been in a recession that in retrospect began in March 2001. Consumer confidence has been on a downward spiral for quite some time; however, it began to recover from its lowest levels in December 2001. It is likely that the Enron scandal contributed to the slight downward blip in February, but some strong signs of recovery finally began to appear in March 2002. This is a good sign for the Michigan tourism industry since consumers tend to spend more money on travel when they express higher levels of confidence in the economy.
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