The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (12-22-21) their Consumer Confidence Index® (CCI) for December 2021. The CCI increased in December, after an upwards revision in November, and an uptick in October. This follows decreases in September, August, July, and June. The Index now stands at 115.8 (1985=100), up from 111.9 in November.
The Present Situation Index — based on consumers’ assessment of current business and labor market conditions — was down slightly to 144.1 down from 144.4 last month.
The Expectations Index — based on consumers’ short-term outlook for income, business, and labor market conditions — increased to 96.9 from 90.2 in the previous month.
In a statement prepared for the release of this month’s CCI, Lynn Franco, Senior Director of Economic Indicators at The Conference Board said, “Consumer confidence improved further in December, following a very modest gain in November. The Present Situation Index dipped slightly but remains very high, suggesting the economy has maintained its momentum in the final month of 2021. Expectations about short-term growth prospects improved, setting the stage for continued growth in early 2022. The proportion of consumers planning to purchase homes, automobiles, major appliances, and vacations over the next six months all increased.”
“Meanwhile, concerns about inflation declined after hitting a 13-year high last month as did concerns about COVID-19, despite reports of continued price increases and the emergence of the Omicron variant,” Franco added. “Looking ahead to 2022, both confidence and consumer spending will continue to face headwinds from rising prices and an expected winter surge of the pandemic.”
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