Economy

US Consumer Confidence Increased Again in December

Consumers End 2023 with a Surge in Confidence and Restored Optimism For 2024

Published

1 year ago

December 28, 2023

Daily News Staff

NEW YORK /PRNewswire/ — The Conference Board Consumer Confidence Index^® increased in December to 110.7 (1985=100), up from a downwardly revised 101.0 in November. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—rose to 148.5 (1985=100) from 136.5 last month. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—leapt to 85.6 (1985=100) in December, up from its downwardly revised reading of 77.4 in November. This sharp increase brings expectations back to the levels of optimism last seen in July of this year.

“December’s increase in consumer confidence reflected more positive ratings of current business conditions and job availability, as well as less pessimistic views of business, labor market, and personal income prospects over the next six months,” said Dana Peterson, Chief Economist at The Conference Board. “While December’s renewed optimism was seen across all ages and household income levels, the gains were largest among householders aged 35-54 and households with income levels of $125,000 and above. December’s write-in responses revealed the top issue affecting consumers remains rising prices in general, while politics, interest rates, and global conflicts all saw downticks as top concerns. Consumers’ Perceived Likelihood of a US Recession over the Next 12 Months abated in December to the lowest level seen this year—though two-thirds still perceive a downturn is possible in 2024.”

Peterson added: “Assessments of the present situation rose in December, as seen by the more positive views of business conditions and the employment situation. By contrast, when asked to assess their current family financial conditions (a measure not included in calculating the Present Situation Index), the proportion reporting “good” ticked down while those saying “bad” rose slightly. This suggests consumers’ view of their current finances may paint a more tempered picture than the perception that overall conditions are better than a month ago.”

“Consumer expectations for the next six months also increased in December, reflecting improved confidence about future business conditions, job availability, and incomes. Expectations that interest rates will rise in the year ahead plummeted to the lowest levels since January 2021, and consumers’ outlook for stock prices rose to levels of optimism last seen in mid-2021. Meanwhile, average 12-month inflation expectations continued to recede, and now stands at 5.6 percent. Consumers’ views of their expected family financial situation, six months hence (not included in calculating the Expectations Index) also improved in December. Likewise, on a month-to-month basis, buying plans for autos, homes, and big-ticket appliances rose moderately across the board, ending the year on a slightly more positive note.”

Present Situation
Consumers’ assessment of current business conditions was more positive in December.

21.7% of consumers said business conditions were “good,” up from 18.6% in November.
16.5% said business conditions were “bad,” down from 18.9%.

Consumers’ appraisal of the labor market was also more positive in December.

40.7% of consumers said jobs were “plentiful,” up from 38.6% in November.
13.2% of consumers said jobs were “hard to get,” down from 15.6%.

Expectations Six Months Hence
Consumers were less pessimistic about the short-term business conditions outlook in December.

18.7% of consumers expect business conditions to improve, up from 17.2% in November.
16.0% expect business conditions to worsen, down from 20.1%.

Consumers’ assessment of the short-term labor market outlook was more optimistic in December.

17.8% of consumers expect more jobs to be available, up from 16.7% in November.
17.2% anticipate fewer jobs, down from 20.1%.

Consumers’ assessment of their short-term income prospects improved in December.

18.7% of consumers expect their incomes to increase, up from 17.7% in November.
12.6% expect their incomes to decrease, virtually unchanged from 12.7%.

Assessment of Family Finances and Recession Risk

Consumers’ assessment of their Family’s Current Financial Situation pulled back slightly in December.
However, consumers became considerably more optimistic in December when assessing their Family’s Expected Financial Situation, Six Months Hence.
Consumers’ Perceived Likelihood of a US Recession over the Next 12 Months abated in December to the lowest levels seen this year—though two-thirds still perceive a downturn is possible.

The monthly Consumer Confidence Survey^®, based on an online sample, is conducted for The Conference Board by Toluna, a technology company that delivers real-time consumer insights and market research through its innovative technology, expertise, and panel of over 36 million consumers. The cutoff date for the preliminary results was December 14.

Source: December 2023 Consumer Confidence Survey^®The Conference Board

The Conference Board publishes the Consumer Confidence Index^® at 10 a.m. ET on the last Tuesday of every month. Subscription information and the technical notes to this series are available on The Conference Board website: https://www.conference-board.org/data/consumerdata.cfm.

About The Conference Board
The Conference Board is the member-driven think tank that delivers Trusted Insights for What’s Ahead™. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. ConferenceBoard.org.

SOURCE The Conference Board

Author

Daily News Staff

View all posts

Discover more from Daily News

Subscribe to get the latest posts sent to your email.

Consumer Corner

Zelle Shuts Down Standalone App: Transitioning Users to Bank Platforms

Zelle’s standalone app ceased money transfers on April 1, 2025, requiring users to access the service via participating banks, enhancing security amid rising digital fraud.

Published

1 week ago

April 16, 2025

Rod Washington

On April 1, 2025, Zelle, one of the most widely used digital payment services in the United States, officially shut down the money transferring services available on its standalone mobile app. While the service itself is not disappearing, many users will need to adapt to a new way of accessing this popular tool for peer-to-peer payments.

Why It Matters

Zelle has established itself as a key player in the peer-to-peer payment market. It facilitates instantaneous transfers without fees between bank accounts, making it a foundational tool for consumers and small businesses alike. The change primarily affects those who previously used the Zelle app independently of their bank’s app or website. Users will now need to re-enroll with one of the 2,200 participating banks or credit unions that offer Zelle via their digital banking platforms.

What Is Happening to the App?

Though the standalone Zelle app has closed its money transfer services, users will still be able to access it. The app now provides a directory of the over 2,200 banks and credit unions that support Zelle. A recent press release indicates that the app will shift its focus to consumer education, particularly around scams and fraud prevention. According to an in-app alert accessed on April 4, users can continue to log into the app until August 11, 2025.

Why Is Zelle Shutting Down the App?

Zelle announced the decision to shut down its standalone app back in October 2024, noting that a significant majority of its users already access the service through their bank’s apps or websites. Since the announcement, the company has been phasing out enrollment and transaction capabilities within the standalone app. Late last year, Zelle communicated again via in-app alerts and emails, urging users to migrate to their bank or credit union’s platform to continue using the service.

In a statement regarding the shift, Zelle highlighted its remarkable growth, reporting that consumers and small businesses moved nearly half a trillion dollars on the platform in the first half of 2024, a 28% year-over-year increase. Initially launched in 2017 primarily for users whose financial institutions had not yet joined the network, Zelle has experienced widespread adoption across almost all major banks and credit unions.

Zelle’s decision may also be motivated by security concerns. With an uptick in fraud targeting digital payment apps, directing users through regulated financial institutions may afford them additional protection and oversight.

When Did the App Shut Down?

The standalone Zelle app ceased processing transactions on April 1, 2025. Users can no longer send or receive money via the app, and those who wish to continue using Zelle must re-enroll through a compatible bank or credit union’s mobile app or website.

How Will My Payments Be Affected?

Individuals who previously used the standalone Zelle app need to take action. They can no longer send or receive money via the app and must migrate to a bank or credit union that offers Zelle. Users who do not re-enroll through a partner institution should inform their senders accordingly.

To check if a specific bank supports Zelle, visit enroll.zellepay.com. Once logged into a bank’s mobile app or website, users can usually locate Zelle in the “Payments” or “Transfers” section. The transition may require users to verify their email address or phone number associated with their former Zelle account.

Fortunately, those using Zelle through their mobile banking app will not experience any changes and do not need to take further action.

How Many People Use Zelle?

As of June 2024, Zelle boasted 143 million consumer and small business accounts, with users executing money transfers 1.7 billion times in the previous year. The integration of Zelle into nearly all major U.S. banks indicates that it will likely retain its dominance in the digital payment space, despite the changes to its standalone application.

While the shutdown of Zelle’s standalone app marks a significant transition, the underlying service remains robust and widely utilized. By directing users to bank platforms, Zelle aims to enhance security and further solidify its position in the competitive landscape of digital payments. As users adapt to this change, Zelle continues to play a vital role in simplifying and securing money transfers across the country.

Discover more from Daily News

Subscribe to get the latest posts sent to your email.

News

Nissan Reduces Pricing for 2025 Rogue and Pathfinder: A Commitment to Value?

Published

2 weeks ago

April 6, 2025

Rod Washington

NASHVILLE, Tenn. – In a move that signifies its dedication to customer satisfaction and value, Nissan has announced significant reductions in the Manufacturer’s Suggested Retail Prices (MSRP) for two of its most popular models, the 2025 Rogue and 2025 Pathfinder. This strategic decision comes at a time when many consumers are navigating a challenging car-buying landscape, making affordability a key factor in their purchasing decisions.

Lower Prices for Greater Accessibility

The pricing adjustments span across all grades for both the Rogue and Pathfinder, reflecting Nissan’s commitment to ensuring that more customers can access quality vehicles without straining their budget. With rising costs affecting many households, these reductions are not just a reactive measure but a proactive step in continuing to provide exceptional value.

The 2025 Rogue, known for its versatility and efficient performance, will now appeal even more to families and individuals alike who prioritize both style and functionality in their vehicles. Meanwhile, the Pathfinder, a reliable and spacious SUV, caters to those needing extra room for travel, adventures, or daily commutes.

Why This Matters

For many buyers, feeling secure about their investment in a vehicle is paramount, especially when purchasing in today’s economic climate. By lowering the MSRP, Nissan aims to make the Rogue and Pathfinder not only more accessible but also more appealing as options in the competitive SUV market.

The decision to reduce prices aligns with Nissan’s larger strategy to maintain its customer-centric approach, fostering long-term relationships with buyers by ensuring they receive value for their investment.

What to Expect

As detailed in Nissan’s recent press release, prospective buyers can look forward to more competitive pricing as they explore their options. The enhanced value proposition of the 2025 Rogue and Pathfinder aims to provide customers with quality vehicles that meet their needs without compromising on features or reliability.

While specific pricing details were not fully disclosed in the press release, interested customers are encouraged to visit their local dealerships or check the official Nissan website for the latest updates and MSRP listings.

Conclusion

With the 2025 Rogue and Pathfinder, Nissan is not just reducing prices; it’s reaffirming its commitment to providing accessible, quality vehicles for all. By prioritizing affordability, Nissan continues to lead the way in understanding and addressing the needs of its customers in a rapidly changing market.

Stay updated on further developments and insights as Nissan continues to innovate and respond to the needs of car buyers everywhere. Whether you’re in the market for a spacious family SUV or a versatile crossover, Nissan’s latest offerings provide a compelling reason to consider these models.

Discover more from Daily News

Subscribe to get the latest posts sent to your email.

seniors

Discovering Scottsdale: The Best Place to Retire in the U.S.

Scottsdale, Arizona, has been named the best U.S. city for retirement, praised for its weather, active lifestyle, and quality of life.

Published

3 weeks ago

April 5, 2025

Charles Elliot

As a record number of Americans prepare to enter retirement in the coming years, many are seeking the ideal location to enjoy their golden years. According to the latest annual report from Niche.com, Scottsdale, Arizona, has emerged as the top city for retirement, praised for its exceptional weather, high quality of life, and vibrant active lifestyle.

In March, Niche.com unveiled its 11th annual Best Places to Live in America list. This comprehensive evaluation included data from the U.S. Census, the Bureau of Labor Statistics, and the CDC, thoughtfully combined with millions of resident reviews. The resulting analysis considered about 230 cities and over 18,000 communities across the nation, assessing factors such as affordability, the housing market, neighborhood diversity, public schools, and walkability.

So, what makes Scottsdale stand out as the ultimate retirement destination? As Zach Chatham, the public relations manager at Niche.com, shares, “Boasting some of the best weather in the United States, Scottsdale is the perfect oasis for retirement.” With an abundance of outdoor activities and numerous health and fitness options readily available, it’s no surprise that this Arizona city is ideal for those wishing to maintain an active lifestyle focused on longevity.

Scottsdale received an A rating overall, indicating its appeal as a place to live. The area is characterized by a dense suburban feel, with a high ownership rate among residents, which enhances the community atmosphere. The median rent is just above $1,900 monthly, while the median home price hovers around $710,000, reflecting the area’s desirability. Additionally, it earned a B+ rating for ethnic and economic diversity, showcasing the welcoming and varied community.

One resident encapsulated the allure of Scottsdale by stating, “Scottsdale, Arizona, is a really cool place with a mix of modern city life and Old West charm.” From breathtaking desert landscapes to culturally rich experiences like hiking Camelback Mountain or indulging in the nightlife in Old Town, there is no shortage of activities to enjoy. Although summers can be quite warm, the winters are pleasantly mild—an attractive factor for those looking to escape harsher climates. Those interested in golf, luxury resorts, or simply a lively atmosphere will find Scottsdale to be a perfect match.

Scottsdale is joined at the top of the list by other notable locations, including Clearwater, Florida; Metairie, Louisiana; St. Petersburg, Florida; and Cape Coral, Florida, rounding out the top five best places to retire.

Moreover, Scottsdale’s reputation as a premier retirement destination is further solidified by WalletHub’s previous rankings, recognizing the city for its high quality of life and abundant recreational activities. With over a quarter of Scottsdale’s residents aged 65 and over, it is clear that this city attracts retirees looking to make the most of their leisure years.

In summary, for those considering relocation during retirement, Scottsdale, Arizona, stands out as a vibrant oasis filled with opportunities for growth, relaxation, and adventure. Whether you’re drawn by the stunning scenery, diverse community, or active lifestyle options, Scottsdale promises an enriching backdrop for living life to the fullest in retirement.