It’s been reported that consumer confidence went down in January after two consecutive months of high gains because Americans are now becoming less optimistic about their incomes, this is according to a private research group.
The Conference Board announced Tuesday that its Consumer Confidence Index is at 61.1, this is below from 64.8 in December. The fall happened after the index went significantly up more than 20 points during the Christmas season from a low 40.9 in October.
Economists watch the confidence numbers closely because consumers’ spending accounts for about 70 percent of U.S. economic activity. The current reading indicates that consumers’ confidence is beginning to wane a bit.