Consumer confidence hit a record high in June, a sign of improving sentiment toward local economic fundamentals. That’s according to a survey released by National Central University on Friday.
The local consumer confidence index (CCI) for June rose 1.99 points from a month earlier, to 87.58. A reading above 100 generally indicates optimism, while a reading under 100 signals a more pessimistic outlook. Therefore, even though this is the highest figure since 2001, consumer confidence is still rather pessimistic.
Five out of the six CCI sub-indices, showed signs of improvement; those five were: confidence in employment, the local business climate, family finances, consumer prices and the timing for investment in the equity market. The index that fell was confidence in the timing for buying durable goods.
Confidence in local consumer prices for the next six months edged up to 46.8 this month, but that figure still suggests an “extremely pessimistic” sentiment.