At -59, the consumer confidence indicator in October is positioned well below its long-term average over the past two decades (-9). The indicator reached an all-time high (36) in January 2000 while the all-time low (-59) was reached in September 2022. CBS has monitored consumer confidence since April 1986.
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Consumers slightly less pessimistic about the economic climate
Consumers are slightly less pessimistic about the economy in October than they were in September. This component indicator stands at -75, up from -79 in September. Consumers are less negative about both the economy in the past twelve months and the economy in the next twelve months.
Willingness to buy at historically low level
Consumers’ willingness to buy stands at -48 in October, compared to -46 in September. This is the lowest level since the start of monitoring. Consumers are more pessimistic than ever before about both their financial situation in the past twelve months and their financial situation over the next twelve months. They are also more negative than ever before about making large purchases.
Consumers pessimistic about future unemployment
For the first time since June 2021, consumers are pessimistic about the future development of unemployment. The percentage of respondents expecting unemployment to increase in the next twelve months (35 percent) is larger than the percentage anticipating a fall (20 percent). As a result, the balance of positive and negative answers is -15 percent.
Today, CBS also publishes a news release regarding the unemployment in September. The number of unemployed increased slightly in September. In April 2022, unemployment reached the lowest level in the series of monthly observations as of 2003. After April, unemployment increased.
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