Economy: Consumer Confidence Index (CCI) for November 2017

The Consumer Confidence Index® (CCI) for this month (November 2017) was released by The Conference Board® this morning:

Predicted: 124.5
Actual: 129.5

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...'Consumer confidence increased for a fifth consecutive month and remains at a 17-year high (Nov. 2000 = 132.6),' said Lynn Franco, Director of Economic Indicators at The Conference Board. 'Consumers’ assessment of current conditions improved moderately, while their expectations regarding the short-term outlook improved more so, driven primarily by optimism of further improvements in the labor market. Consumers are entering the holiday season in very high spirits and foresee the economy expanding at a healthy pace into the early months of 2018.'

Consumers’ assessment of current conditions improved moderately in November. The percentage saying business conditions are 'good' increased from 34.4% to 34.9%, while those saying business conditions are 'bad' declined from 13.5% to 12.7%. Consumers’ assessment of the labor market also improved. Those stating jobs are 'plentiful' increased from 36.7% to 37.1%, while those claiming jobs are 'hard to get' decreased slightly from 17.1% to 16.9%.

Consumers’ optimism about the short-term outlook was also more favorable in November. The percentage of consumers expecting business conditions to improve over the next six months increased slightly from 22.1% to 22.4%, while those expecting business conditions to worsen decreased from 7.0% to 6.5%.

Consumers’ outlook for the job market was also more upbeat than in October. The proportion expecting more jobs in the months ahead increased from 18.7% to 22.6%, while those anticipating fewer jobs declined from 11.6% to 11.0%. Regarding their short-term income prospects, the percentage of consumers expecting an improvement decreased marginally from 20.3% to 20.1%, while the proportion expecting a decrease was virtually unchanged at 7.6%..."

Every month, The Conference Board sends a questionnaire to 5,000 U.S. households. Survey participants are polled about their feelings regarding the U.S. economy, current and future, and about their own fiscal circumstances. On average, 3,500 participants complete and return the 5-question survey.

The baseline "100" score for the CCI is associated with 1985 survey data.

When consumers feel good about the economy, they tend to do more spending, and vice versa.

Based in New York City, The Conference Board is a private, not-for-profit organization with a mission to, "create and disseminate knowledge about management and the marketplace to help businesses strengthen their performance and better serve society."

The CCI is usually released on the last Tuesday of the month.

Last month, the CCI was 126.2 (revised.)