US consumer confidence grew in December by more than expected as the outlook for employment and the economy improved, signaling some resilience in the recovery.
- The Conference Board’s index rose to 115.8 from an upwardly revised figure of 11.9 in November. Economists in a Bloomberg poll expected a figure of 111.
- The data signal consumers remain upbeat despite new Covid-related restrictions in some states in the country as the omicron variant spreads.
- Households in December become slightly more bullish about their inflation forecasts for 2022, which surged to a 13-year high in November.
- The Conference Board’s expectations index rose to a five-month high of 96.9, as the gauge of current conditions dropped to 144.1.
The percentage of consumers who stated jobs were “plentiful” dropped slightly to 55.1%. Consumers also indicated that they were highly likely to buy cars, homes, and appliances.
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Source: The Conference Board
