January 12, 2023

Consumer Confidence Begins 2023 Above the 50‐Point Mark, but Remains Muted

by Jharonne Martis.

“January’s Refinitiv/Ipsos Primary Consumer Sentiment Index finds that while American consumer confidence has rebounded slightly from December, sentiment starts 2023 still somewhat muted” Chris Jackson of Ipsos states. “The main index and its respective sub‐ indices start the year significantly lower than they did to begin 2022. Lastly, Americans continue to remain worried their job security, purchasing confidence, and future expectations.”

Jharonne Martis, Director of Consumer Research at Refinitiv, said, “The strong labor market drove retail sales last year. However, due to rising costs the Refinitiv Retail/Restaurant Index data shows that earnings are expected to drop 20.9% for the fourth quarter of 2022. Whether or not the consumer remains engaged in 2023, will depend on the U.S. unemployment data.”

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