Consumer Confidence Falls in January
Wariness about the year ahead offset a more positive view of the current economic situation.
The Conference Board’s consumer confidence index fell to 107.1 in January from 109 in December, an upward revision from the previously stated 108.3. The Present Situation and Expectation indices also were revised upward for the month.
“Consumer confidence declined in January, but it remains above the level seen last July, lowest in 2022,” said Ataman Ozyildirim, senior director of economics at The Conference Board.
Consumer confidence declined the most for households earning less than $15,000 and for households under age 35, he noted.
The Present Situation Index, which measures consumers’ outlook on current business and labor market conditions, rose to 150.9 in January from 147.4 in December.
The percentage of respondents who said current business conditions are “good” was up to 20 percent from 19 percent in December, while those who said conditions were “bad” decreased, down to 19 percent, compared with 20 percent in December.
Consumers also had a more positive view of the labor market, with 48 percent of respondents saying jobs are “plentiful,” up from 46 percent in the prior period.
The percentage of respondents who felt jobs were “hard to get” was down to 11 percent from 12 percent in December.
The Expectations Index, which measures consumers’ short-term outlook for income, business, and labor market conditions, fell to 77.8 from 83.4.
The index is below 80, which often points to a recession within the next year, said the Conference Board.
Consumers became more pessimistic about the short-term business conditions outlook in January.
Respondents’ view of the short-term business outlook soured, with 19 percent expecting business conditions to improve, down from 21 percent in December.
More consumers expected conditions to worsen, up to 22 percent from 20 percent in the previous period.
Consumers’ view of the short-term labor market was more pessimistic too, with fewer respondents expecting more jobs to be available, down to 18 percent from 20 percent.
Consumers were also slightly more pessimistic about their short-term financial prospects, with 17.2 percent expecting incomes to increase, down from 17.3 percent in December.
More respondents expect their incomes to decrease, up to 13.4 percent from 13.3 percent in December.
“Consumers’ assessment of present economic and labor market conditions improved at the start of 2023. However, the Expectations Index retreated in January reflecting their concerns about the economy over the next six months,” said Ozyildirim.
Though respondents were more pessimistic about the short-term job outlook and are expecting near-term business conditions to worsen, they see their income remaining “relatively stable” in the months ahead, he added.
While purchasing plans for cars and appliances were steady, fewer consumers plan to buy a home, either new or existing.
Consumer expectations for inflation rose to 6.8 percent from 6.6 percent over the next 12 months but are still down from the peak of nearly 8 percent in June 2022.
The Latest
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.