CONSUMER CONFIDENCE ON THE MEND?
INDUSTRY NEWS
December 3rd, 2008
My last post on this subject was when this index hit the all-time low in October of 38.8 but
has since perked up slightly to 44.9 (1985=100)according to a recent CAR News Release. Perhaps having the election behind us and falling 
gas prices combined to give consumers some hope in the near term.
However, the Present Situation Index decreased to 42.2 from 43.5 in October. Lynn Franco, from The Conference Board Consumer Research Center, claims “consumers remain extremely pessimistic and the possibility that economic growth will improve in the first half of 2009 remains highly unlikely.”
The Expectations Index increased from 35.7 to 46.7 in November. The outlook for the labor market i
mproved from 41.5% of consumers believing fewer jobs will be available in the months ahead to only 33.3% feeling that way in November. Only 28.1% believe business conditions will worsen in the next six months compared to 36.5% in October.
The full impact of the stock market melt down will not show up in stats until the first of next year. So far though, home sales remain strong compared to a year ago. Hopefully, consumers will react positively to the steps being taken by our government to address the ripple effect the housing crisis. Consumers appear to have stopped or reduced spending, which ironically only prolongs the recovery. However, I believe we all have learned some lessons about taking responsibility for our spending and saving habits.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
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