The Conference Board reported Tuesday that its consumer confidence index slipped to a still-optimistic 107.1 in January, down from 109 in December
The business research group’s present situation index – which measures consumers’ assessment of current business and labour market conditions – rose to 150.9 from 147.4. Respondents continue to express optimism about the stability of their incomes and the broader U.S. job market, which has held up well even as the Federal Reserve has tried to cool the economy and with a succession of “jumbo” rate increases.
The conference board said consumers’ intention to buy big-ticket items like cars held steady, but plans to purchase homes fell even further with higher interest rates and home prices.Earlier this month, the government reported that Americans cut back on spending in December for the second straight month as inflation and the rising cost of using credit cards slowed consumer activity over the crucial holiday shopping season. Retail sales fell a worse-than-expected 1.
Still, the job market is still a pillar of strength in the U.S. economy and wages continue to rise, creating a conflict for the Fed which needs to cool spending and hiring to control inflation.
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