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Consumer Confidence Down, Better Than Last Year
Daryl Delano, Cahners Economics
October 1, 1999
Professional Builder
The Conference Board’s composite Consumer Confidence Index (CCI) dropped for the second straight month during August, but was higher than the same month last year.
| Consumer Confidence by Region | |||
| (Index, 1985=100) | |||
| Jun-99 | Jul-99 | Aug-99 | |
| Total U.S. | 139.0 | 136.2 | 135.8 |
| New England | 131.7 | 135.1 | 139.6 |
| Middle Atlantic | 122.9 | 110.4 | 104.1 |
| East North Central | 142.0 | 139.9 | 137.9 |
| West North Central | 136.9 | 128.4 | 139.8 |
| South Atlantic | 146.8 | 142.9 | 145.2 |
| East South Central | 136.0 | 139.3 | 127.7 |
| West South Central | 139.3 | 141.5 | 142.4 |
| Rocky Mountain | 131.4 | 131.9 | 130.4 |
| Pacific Coast | 136.6 | 130.7 | 130.8 |
| Source: The Conference Board | |||
Consumer’s assessment of present economic conditions during August 1999 dipped only three points below the dizzying record-high of 179.2 set a month earlier. Consumer expectations for the economy bounced back to a level of 108.9 in August-still lower than in May or June, but more than 10% above the level recorded at the end of 1998.
The composite CCI increased in five of the nation’s nine regions between this July and August. The sharpest gain was recorded in the East North Central (Plains) states as the CCI moved from 128.4 to 139.8. A sharp decline in confidence of almost this same magnitude occurred in the East South Central region as the confidence index moved down from 139.3 in July to 127.7 (the second-lowest reading among all regions) during August.
During August 1999, overall consumer confidence was highest in the South Atlantic region and lowest in the Middle Atlantic states. Over the past year, well-above-average increases in confidence have been recorded by the New England, West North Central, and West South Central regions. Confidence readings have faded most significantly over the past twelve months among consumers in the Rocky Mountain and Middle Atlantic states.
Also See:
Double-Digit Earnings Growth Belies Investors
Building Permits Up Slightly Since June
© 2008, Reed Business Information, a division of Reed Elsevier Inc. All Rights Reserved.