A gauge of U.S. consumer confidence fell to 61.1 in January, partly reversing substantial gains in the prior two months, as views on current business conditions and employment declined, the Conference Board reported Tuesday
"Recent increases in gasoline prices may have consumers feeling a little less confident this month," said Lynn Franco, director of the Conference Board's consumer research center, in a statement
In addition to worse views on current conditions, consumer expectations ticked down in January, on a lower outlook for income and business conditions
The December reading for confidence was revised to 64.8 from a prior estimate of 64.5
Economists polled by MarketWatch had expected a reading of 68 for January on improving employment figures
Generally when the economy is growing at a good clip, confidence readings are at least 90
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WASHINGTON (MarketWatch) — A gauge of consumer confidence fell in January, partly reversing substantial gains in the prior two months, as views on current business conditions and employment declined, the Conference Board reported Tuesday.
The confidence index fell to 61.1 in January from 64.8 in December.
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“Recent increases in gasoline prices may have consumers feeling a little less confident this month,” said Lynn Franco, director of the Conference Board’s consumer research center, in a statement.
Gas prices hit about $3.39 per gallon in the week ended Jan. 16, up about a dime from earlier in the month, according to U.S. Department of Energy data on weekly retail gasoline and diesel prices. The confidence gauge released Tuesday collects data for the month through Jan. 19.
In addition to worse views on current conditions, consumer expectations ticked down in January, on a lower outlook for income and business conditions.
Economists polled by MarketWatch had expected a confidence reading of 68 for January on improving employment figures.
Nonfarm payroll employment in the U.S. rose 200,000 in December, up from 100,000 in November, according to the Labor Department. On Friday the government will report on payrolls for January, and economists expect a gain of 125,000. See economic calendar.
Consumers’ views on the present situation fell to 38.4 in January from 46.5 in December. Meanwhile, their expectations declined to 76.2 from 77.
The December reading for confidence was revised to 64.8 from a prior estimate of 64.5. Generally when the economy is growing at a good clip, confidence readings are at least 90.
Of other reports released Tuesday, the S&P/Case-Shiller 20-city composite index slumped 1.3% in November. Read story on house prices.
Separately, the Labor Department said compensation costs grew 0.4% in the fourth quarter. A measure of Chicago manufacturing activity dipped in January to a still-strong 60.2 reading.
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