Financials

Consumer Confidence Hits High in September

FinancialsOct 01, 2020

Consumer Confidence Hits High in September

The consumer confidence index saw the highest month-over-month increase in 17 years in September but remains below pre-pandemic levels.

20201001_Clothing_Rack.jpg
The consumer confidence index rose to 101.8 in September compared with 86.3 in August.
New York—U.S. consumer confidence increased in September to its highest level since the COVID-19 pandemic began.

The Conference Board’s consumer confidence index rose to 101.8 in September compared with 86.3 in August, higher than the 89.6 economists had expected.

The 16-point jump was the largest one-month increase in the index in 17 years.

It was also the highest level the index has reached since the start of the pandemic. The index hit a six-year low of 85.7 in April as the COVID-19 pandemic shuttered stores and parts of the country went into lockdown.

“A more favorable view of current business and labor market conditions, coupled with renewed optimism about the short-term outlook, helped spur this month’s rebound in confidence,” said Lynn Franco, senior director of economic indicators at The Conference Board, in a press release announcing the results.

Economists, including Federal Reserve Chairman Jerome Powell, have stressed that economic recovery is dependent on how well the U.S. handles the virus.

While consumer confidence did rise after back-to-back monthly declines, Franco noted it still remains below pre-pandemic levels.

For comparison, the index was at 132.6 in February before the worst of the COVID-19 pandemic hit.

However, consumers were optimistic about their current financial prospects.

The Present Situation Index improved to 98.5 from 85.8 last month.

The percent of consumers that said business conditions are “good,” increased to 18.3 percent month-over-month from 16 percent.

Those who said conditions were “bad” decreased to 37.4 percent compared with 43.3 percent in August.

Consumer outlook also improved in regard to the labor market with 22.9 percent of consumers saying jobs are “plentiful” compared with 21.4 percent last month.

The percentage of those who said jobs are “hard to get” decreased to 20 percent from 23.6 percent.

“Consumers also expressed greater optimism about their short-term financial prospects, which may help keep spending from slowing further in the months ahead,” said Franco.

The Expectations Index, which measures consumers’ short-term outlook for income, business, and labor market conditions, rose to 104 percent from 86.6 in August.

The 17-point gain took the Expectations Index to a three-month high.

The percentage of consumers expecting business conditions to improve over the next six months increased to 37.1 percent from 29.8 percent.

Fewer consumers are expecting business conditions to worsen—15.8 percent compared with 20.7 percent last month.
Consumers also took a more optimistic view on the labor market.
More consumers expect to see more jobs in the months ahead, with that percentage rising to 33.1 from 29.9 percent last month.

The percentage of consumers expecting to see fewer jobs also decreased to 15.6 percent, compared with 21.2 percent in the previous month.

Looking at short-term income, the percentage of consumers expecting an increase improved to 17.5 percent from 13 percent in August.

The percentage of consumers expecting a decrease was down to 12.6 percent, compared with 16 percent in the previous month.
Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

Zadok Jewelers Texas Collection
CollectionsJun 21, 2024
Say Howdy to Zadok Jewelers’ New ‘Texas’ Collection

Cowboy boots, horseshoes, and longhorn motifs make an appearance in the Houston-based jeweler’s new line.

Ella Klein internship
SourcingJun 21, 2024
Julius Klein Partners With WJA on New Internship

The Ella Klein Internship will take place in New York this summer.

Eriness’ Snake Coil Necklace
CollectionsJun 21, 2024
Piece of the Week: Eriness’ ‘Snake Coil’ Necklace

Join Eriness’ garden party with this emerald-eyed snake.

Untitled design.jpg
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price Stability

As the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.

Warren H. Morss, Monica L. Caldwell, Mark T. Cartwright
GradingJun 21, 2024
ASA Elects New Gems and Jewelry Discipline Governor, Members-At-Large

Warren H. Morss is the new governor, while Monica L. Caldwell and Mark T. Cartwright are the members-at-large.

Weekly QuizJun 20, 2024
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
National Oceanic and Atmospheric Administration hurricane satellite image
Policies & IssuesJun 20, 2024
5 Safety and Preparedness Tips for Jewelers This Hurricane Season

Jewelers Mutual is advising jewelers along the coast to prepare for above-normal hurricane activity this year.

JVC’s Sara Yood and Tiffany Stevens
MajorsJun 20, 2024
Sara Yood Appointed JVC CEO As Tiffany Stevens Moves On

The leadership change at the organization charged with guiding the industry on legal issues will take effect next week.

1872 x 1052 Gemolite.jpg
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional Edition

GIA®’s most advanced microscope has new features to optimize greater precision and comfort.

Precious: The History and Mystery of Gems Across Time
SourcingJun 20, 2024
Jewelry Expert Helen Molesworth to Release First Book

“Precious: The History and Mystery of Gems Across Time” will be available on Sept. 17.

Claire’s interim CEO Chris Cramer
MajorsJun 20, 2024
Claire’s CEO Ryan Vero Steps Down

Chief Financial Officer and Chief Operating Officer Chris Cramer has been named interim CEO.

Jewelers of America advocacy trip DC 2024
Policies & IssuesJun 18, 2024
JA, Industry Leaders Take Russian Diamond Import Concerns to D.C.

The group met with lawmakers to raise awareness about the financial, operational, and supply chain harms posed by an EU proposal.

Louis Comfort Tiffany 1900 gold and opal necklace
Events & AwardsJun 18, 2024
Driehaus Museum Displaying Rare Jewels From Chicago Collections

The museum also will host jewelry heist-themed movie nights throughout the run of “Chicago Collects: Jewelry in Perspective.”

Models wearing Pomellato’s “The Dualism of Milan” collection
CollectionsJun 18, 2024
Pomellato’s New High Jewelry Collection Celebrates Milan

“The Dualism of Milan” collection features two chapters representing the monochromatic and colorful spirit of the city.

Dorian Webb, Kealeboga and Ursula Pule
CollectionsJun 18, 2024
Zales Adds Dorian Webb, Nungu Diamonds to Designer Edit

The Designer Edit, launched earlier this year, highlights up-and-coming jewelry designers.

National Association of Jewelry Appraisers Logo
Events & AwardsJun 18, 2024
NAJA Announces Its Mid-Year ‘Ace It’ Conference

The conference will focus on the “practical ‘how to’ of appraising gems and jewelry,” said NAJA Executive Director Gail Brett Levine.

De Beers CEO Al Cook
EditorsJun 17, 2024
Q&A: Al Cook on the Future of De Beers

The De Beers CEO discussed the Anglo American situation, natural diamond marketing, and why the future of lab-grown diamonds is technology.

Bernd Munsteiner
SourcingJun 17, 2024
Fantasy Cut Inventor Bernd Munsteiner Dies at 81

Known to many as the “Picasso of gems" who modernized the gem cutting field, he is remembered by his family as going through life with open eyes.

Thomas Markle Jewelers interior
IndependentsJun 17, 2024
Thomas Markle Jewelers to Relocate

The Houston-based family jeweler is relocating its flagship just across the street.

Instore and Chicago Responsible Jewelry Conference Logos
Events & AwardsJun 17, 2024
Instore Show, Chicago Responsible Jewelry Conference to Co-Locate

The partnership, now in its second year, allows CRJC attendees to register for a free Instore show badge.

Stock image of a gavel
CrimeJun 14, 2024
2 Men Sentenced to Life in 2022 Murder of Detroit-Area Jeweler

In court, Daniel Hutchinson’s loved ones remembered the jeweler as a giver, a role model, and a leader.

Billie Bangle
CollectionsJun 14, 2024
Piece of the Week: Jade Trau’s ‘Billie’ Bangle

Take a walk along this bangle’s diamond “cobblestone” made from round-, pear-, and marquise-cut diamonds.

Graphic with headshots for My Next Question 2024 Las Vegas webinar
Recorded WebinarsJun 14, 2024
Watch: What Happened in Vegas in 2024

The National Jeweler editors discuss the hot topics, best jewels, and current trends that stood out during Jewelry Market Week.

NJSB1.JPG
Supplier BulletinJun 13, 2024
Leading with Innovation: Core Scientific’s Advanced Refining Solutions

Sponsored by Core Scientific

QVC HSN logo
MajorsJun 13, 2024
HSN, QVC Parent Company Faces Delisting

Qurate Retail is in the middle of a turnaround plan as it battles declining sales.

45.07-carat step cut fancy vivid yellow diamond
AuctionsJun 13, 2024
45-Carat Yellow Diamond Withdrawn from Phillips Auction

Signed jewels and period pieces stood out at the sale.

Marie Lichtenberg Scapular necklace
TrendsJun 13, 2024
Amanda’s Style File: For the Fathers

Showcase your dad’s personal style with a piece of fine jewelry for Father’s Day.

The Eden Rose Diamond
AuctionsJun 12, 2024
10-Carat Pink Diamond Sells for $13M at Christie’s

“The Eden Rose” is a fancy intense pink diamond that was appearing at auction for the first time.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy