Consumer Confidence Rises As Jobs Index Bounces Back From Lowest Point in More Than a Year

“February’s Refinitiv/Ipsos Primary Consumer Sentiment Index finds that American consumer confidence continues to rise slightly for the second straight month, but remains lower than it was in February 2022” James Diamond of Ipsos states. “This month finds Americans more confident in their job security, with the Jobs sub‐index now in line with some of its highest readings in the past year. However, Americans’ future expectations have plateaued at a muted level for much of the past seven months, indicating they may be in a holding pattern over where the economy is headed.”

Jharonne Martis, Director of Consumer Research at Refinitiv, said, “Looking ahead to Q1 2023, the Refinitiv Retail/Restaurant Index data also reflects this holding pattern. Similarly, to the previous quarter, consumers continue to trade goods for services. The hotels, restaurant and leisure sector continues to outperform the other ten consumer‐related industries, which for the most part remain negative.”

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