Consumer Confidence Rises in the Face of the Fiscal Cliff
The economy is starting to shape back up for consumers, or at least they believe it is. Consumer confidence is at its highest level since February 2008, with consumers expecting more jobs and better business conditions in November than they did in October, according to the Conference Board’s Consumer Confidence Index. However, it’s not all optimism, as some consumers and chief executives spoil the cheer with pessimism.
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As the Conference Board notes, CEO outlook is predominantly negative, and has grown more so over the past month, despite the increasing consumer confidence. Some consumers also worry about the future, with fewer expecting increases in pay, and 38.8 percent claiming it’s hard to get a job.
Large concerns loom in the face of the “Fiscal Cliff” that stands to take effect in 2013, with some consumers worried about increased tax rates in the new year. With the fiscal cliff coming just at the end of the holiday season, some consumers might save their cash so they have a safe place to land after the fall.