The latest reading on consumer confidence from the Conference Board came in at 92.6, below expectations but better than November’s reading.
Expectations were for the reading to come in at 93.9, up from November’s 88.7 reading. That reading sharply missed expectations.
Lynn Franco of the Conference Board said following the report, “Consumer confidence rebounded modestly in December, propelled by a considerably more favourable assessment of current economic and labour market conditions. As a result, the Present Situation Index is now at its highest level since February 2008.”
The outlook from consumers declined some in December, with the percentage of consumers expecting improving business conditions over the next six months declining to 18% from 18.3%, though consumers expecting business conditions to get worse also declined, to 10.1% from 10.4%.
This is the final consumer confidence reading of the year.