Consumer Confidence Bouncing Back
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U.S. consumer confidence for the month of January rose to 74, marking the highest level over the past eight months.
This new eight month high topped the economist's consensus of 71.5 and December's figure of 69.9. The upside for the month was largely driven by lower commodity costs such as gasoline and cotton. The positive data over the past few weeks, including unemployment levels and the housing index may also play a large role.
Other positive signs of rising consumer sediment include the index of current conditions, which increased to 82.6 and reached the highest level it has been since February 2011. The labor market also has been showing signs that companies may be anticipating a turnaround as December's unemployment level fell to 8.5 percent, hitting the lowest level it has been since February of 2009.
Although consumer confidence showed positive signs, other figures indicated the U.S. trade deficit gap grew 10.4 percent to $47.8 billion as exports dropped and imports of crude oil and automobiles increased. This is the widest the gap has been since last June. Jobless claims were announced yesterday for the week ended January 7th and pointed toward signs that a majority of the jobs added were seasonal jobs for the holiday season.
This new eight month high topped the economist's consensus of 71.5 and December's figure of 69.9. The upside for the month was largely driven by lower commodity costs such as gasoline and cotton. The positive data over the past few weeks, including unemployment levels and the housing index may also play a large role.
Other positive signs of rising consumer sediment include the index of current conditions, which increased to 82.6 and reached the highest level it has been since February 2011. The labor market also has been showing signs that companies may be anticipating a turnaround as December's unemployment level fell to 8.5 percent, hitting the lowest level it has been since February of 2009.
Although consumer confidence showed positive signs, other figures indicated the U.S. trade deficit gap grew 10.4 percent to $47.8 billion as exports dropped and imports of crude oil and automobiles increased. This is the widest the gap has been since last June. Jobless claims were announced yesterday for the week ended January 7th and pointed toward signs that a majority of the jobs added were seasonal jobs for the holiday season.
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