US Consumer Confidence Rebounds In February: Conference Board
By Moran Zhang | February 27, 2013 2:42 AM EST
Despite lower household income and surging gasoline prices, the Conference Board's gauge of U.S. consumer confidence rose to 69.6 in February from January, topping economists' estimates of 61 and marking the highest reading since November.
January's level was revised to 58.4 from a prior estimate of 58.6. “Consumer confidence rebounded in February as the shock effect caused by the fiscal cliff uncertainty and payroll tax cuts appears to have abated,” said Lynn Franco, economic indicators director at the Conference Board, in a statement.
The Conference Board's barometer of consumers' expectations for the next six months, which is driven by changes in both equity and gasoline prices, rose quite sharply to 73.8, from 59.9. This index is now at a level consistent with annualized consumption growth of around 1 percent in the first quarter.
Meanwhile, the improvement in consumers’ assessment of current business and labor market conditions is more modest. The gauge of views on the present situation rose to 63.3 from 56.2.
However, the headline index is still well below the long-term average of 92, and “with gasoline prices rising and equity prices reversing some of the recent gains, it is possible that confidence will drop back in the coming months, said Amna Asaf, North America economist at independent research firm Capital Economics, in a note to clients.
Since the cutoff date for this survey, which was mid-February, gasoline prices have risen by an additional 10 cents a gallon, while equity prices are below their five-year-high levels.
A separate report showed sales of new single-family homes jumped 15.6 percent in January from December -- the largest increase since April 1993 -- to a 437,000-unit annualized rate. Sales outpaced estimates of a 381,000-unit rate and marked the highest pace since July 2008.
To contact the editor, e-mail:
Most Popular Slideshows
Join the Conversation
- Russia Warns Citizens – Take Selfies, Have Lice
- The Cost Of Getting Infected With Ebola
- Ebola Divides The US: More States Begin Applying Stricter Guidelines Than What CDC Imposed
- Canadian House Owners Preferring To Live In Core City Than In Suburbs: Study
- FIFA May Keep Russia and Ukraine Apart in World Cup 2018
- Marvel Announces Release Dates Of 11 Upcoming Movies From 2015 To 2019
- Xiaomi Becomes World’s Third Largest Smartphone Manufacturer By Dethroning Huawei
- Entry Of Peshmerga Fighters From Iraq Boosts The Kobani Battle Against ISIS: Turkey Provides Transit
- Nexus 6, 9 Buyers on November Release Will Enjoy These 3 Killer Lollipop 5.0 Features First
- Nokia Lumia 730 v. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- Woman Hanged In Iran Talks Abuse In Prison, Left Chilling Message To Family
- Australia Special Forces Await 'Delayed' Iraqi Visas Before Joining ISIS Fight