The Conference Board’s Consumer Confidence Index Increases for the Second Consecutive Month in September

The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (9-27-22) its Consumer Confidence Index® (CCI) for September 2022. The CCI has increased for the second consecutive month. The Index now stands at 108.0 (1985=100), up from its August reading of 103.6.

The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—improved in September to a reading of 149.6, up from its August’s reading of 145.3.

The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—increased in September to a reading of 80.3, up from its August reading of 75.8.

Adding additional background and her analysis of the September CCI, Lynn Franco, Senior Director of Economic Indicators at The Conference Board, said:

“Consumer confidence improved in September for the second consecutive month, supported in particular by jobs, wages, and declining gas prices. The Present Situation Index rose again, after declining from April through July. The Expectations Index also improved from summer lows, but recession risks nonetheless persist. Concerns about inflation dissipated further in September—prompted largely by declining prices at the gas pump—and are now at their lowest level since the start of the year.

Meanwhile, purchasing intentions were mixed, with intentions to buy automobiles and big-ticket appliances up, while home purchasing intentions fell. The latter no doubt reflects rising mortgage rates and a cooling housing market. Looking ahead, the improvement in confidence may bode well for consumer spending in the final months of 2022, but inflation and interest-rate hikes remain strong headwinds to growth in the short term.”