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Chapman report: Consumer confidence is up statewide
Number hits best reading since Q3 2007, says A. Gary Anderson Center for Economic Research.
By Kristen SchottPublished: March 04, 2010 11:22 AM
A new report out from Chapman University's A. Gary Anderson Center for Economic Research shows that consumer sentiment is up in the first quarter.
The California Composite Index of Consumer Confidence rose to 81.1 in the period, up from 76.3 in the fourth quarter. It's the highest reading of the measure since the third quarter of 2007.
But, a level below 100 still signals high levels of pessimism among consumers, according to the report, which is based on three separate measures: consumers' outlook on current and future economic conditions, and their spending plans.
The report notes that both the indices for current economic conditions and spending plans increased during the period, compared to the fourth quarter.
The largest increase was noted for buyers' planned spending on big-ticket purchases. The measure showed a 15-point jump to 89.6 in the period, and it's the highest reading in the last two and a half years, according to the report. Though it's still below levels that point to strong spending, it does signal that activity could bounce back in the next six months.
Consumers' outlook on current conditions also increased to 60.3 in the period. The number is up from 53.8 in the fourth quarter.
The only decline occurred in the index that rates future economic conditions. The reading fell from 99.7 to 97.7. But, the report notes that the gap between the two indices is closing. This could signal that consumers expect the economy to improve over the next year.
The California Composite Index of Consumer Confidence falls in line with a recent survey from the University of Michigan. The latter showed an uptick in consumer confidence across the nation in the first quarter, compared to the fourth quarter of last year.
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The California Composite Index of Consumer Confidence rose to 81.1 in the period, up from 76.3 in the fourth quarter. It's the highest reading of the measure since the third quarter of 2007. But, a level below 100 still signals high levels of pessimism among consumers, according to the report, which is based on three separate measures: consumers' outlook on current and future economic conditions, and their spending plans. The report notes that both the indices for current economic conditions and spending plans increased during the period, compared to the fourth quarter. The largest increase was noted for buyers' planned spending on big-ticket purchases. The measure showed a 15-point jump to 89.6 in the period, and it's the highest reading in the last two and a half years, according to the report. Though it's still below levels that point to strong spending, it does signal that activity could bounce back in the next six months. Consumers' outlook on current conditions also increased to 60.3 in the period. The number is up from 53.8 in the fourth quarter. The only decline occurred in the index that rates future economic conditions. The reading fell from 99.7 to 97.7. But, the report notes that the gap between the two indices is closing. This could signal that consumers expect the economy to improve over the next year. The California Composite Index of Consumer Confidence falls in line with a recent survey from the University of Michigan. The latter showed an uptick in consumer confidence across the nation in the first quarter, compared to the fourth quarter of last year. Related headlines Business sales remain flat in Orange County O.C. automakers see sales gain last month Hundreds of jobseekers set to descend on OC Works! Steve Forbes talks politics, economics at local event |
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