Consumer confidence took an unexpected drop in December, according to data released by the Confidence Board, despite marked improvements in consumer spending this holiday season.
The index is currently leveled at 52.5, down from 54.3 in November - both indicate a long road to a healthy economy, which is usually registered at 90 or higher. The drop has already taken a slight toll on Wall Street, but has been checked by other recent indications of economic recovery such as small business confidence, consumer spending and improvements in manufacturing productivity.
"Despite this month's modest decline, consumer confidence is no worse off today than it was a year ago," said Lynn Franco, director of the Consumer Research Center at the Conference Board. "Consumers' assessment of the current state of the economy and labor market remains tepid, and their outlook remains cautious. Thus, all signs continue to suggest that the economic expansion will continue well into 2011, but that the pace of growth will remain moderate."
The study also found consumers' assessments of economic conditions, including the labor market, also showed declines from November. Accordingly, businesses seeking to incorporate in New York may have to fend off a slower recovery than many had originally anticipated.
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Posted: Dec 28th, 2010