Consumer Confidence Rebounds, Driven By Confidence In The Broader U.S. Economy
Consumer confidence increased significantly over the past two weeks, according to the HPS-CivicScience Economic Sentiment Index (ESI). Following a 2.2 point drop from May 14 to June 11, the ESI rebounded over the past two weeks, increasing 2.6 points to reach 54.2 – its highest level since February 2018.
All five of the ESI indicators increased during the reading. Confidence in the broader U.S. economy rose the most, increasing 4.2 points to 50.7, its highest reading since September 2018. Consumer confidence in making a major purchase rose 3.1 points to 56.6. Confidence in personal finances and the housing market also increased, rising 3.0 points and 2.1 points respectfully. Economic sentiment toward the labor market was the slowest rising indicator increasing 0.6 points to 45.0, well below its 2019 high of 48.1 in May.
The increase in consumer confidence comes as the Federal Reserve decided to keep interest rates unchanged, but signaled potentially cutting rates in the coming months.
The three-day rolling average began the period at its low point, starting at 51.5 on June 12. The moving average steadily increased to reach its peak of 55.6 on June 21, before closing out the reading on June 25 slightly below the peak at 55.5.
The next release of the ESI will be on Tuesday, July 9, 2019.
About the Index
The HPS-CivicScience Economic Sentiment Index (“ESI”) is a “living” index that measures U.S. adults’ expectations for the economy going forward, as well as their feelings about current conditions for major purchases. The primary goal of the Index is to accurately measure movements in overall national economic sentiment, and to provide a more sophisticated alternative to existing economic sentiment indices. Unlike other prominent indices that release consumer sentiment estimates infrequently, the HPS-CivicScience Index is updated in real time as responses are collected continuously every hour, every day. Large-scale cross-tabulation of survey responses and consumer attributes enable more granular analyses than are currently possible through prevailing measures.
For a more detailed overview of the Index and the underlying methodology, please request a white paper.
About Hamilton Place Strategies (HPS)
Hamilton Place Strategies (HPS) is an analytical public affairs consulting firm with offices in Washington, D.C. and San Francisco. We integrate substantive analysis with communications and believe a deep understanding of business and economics leads to more effective public engagement and better outcomes for our clients.
For more information, visit Hamilton Place Strategies by clicking here and follow them on Twitter – @HPSInsight.
About CivicScience
CivicScience, Inc. provides the leading intelligent polling and real-time consumer insights platform, the InsightStore™. Its proprietary platform powers the world’s opinions and quickly gets that data to the decision makers who care. Every day, CivicScience polls ask millions of people questions related to thousands of topics, while its powerful data science and big data technology analyzes current consumer opinions, discovers trends as they start, and accurately predicts future behaviors and market outcomes. CivicScience polls run on hundreds of premier websites, in addition to its own public polling site at www.civicscience.com. CivicScience’s InsightStore™ is used by leading enterprises in marketing research, advertising, media, financial services, and political polling. For more information, visit CivicScience by clicking here and follow them on Twitter – @CivicScience.ts powerful data science and big data technology analyzes current consumer opinions, discovers trends as they start, and accurately predicts future behaviors and market outcomes. CivicScience polls run on hundreds of premier websites, in addition to its own public polling site at www.civicscience.com. CivicScience’s InsightStore™ is used by leading enterprises in marketing research, advertising, media, financial services, and political polling. For more information, visit CivicScience by clicking here and follow them on Twitter – @CivicScience.