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Strategies & Market Trends : The Amateur Traders Corner -- Ignore unavailable to you. Want to Upgrade?

To: Tom Hua who wrote (17689)	12/28/2001 11:05:59 AM
From: Kelvin Taylor	Read Replies (1) \| Respond to of 19633

U.S. Consumer Confidence Index Soars to 93.7 in December By Carlos Torres Washington, Dec. 28 (Bloomberg) -- U.S. consumer confidence surged this month, the first increase since June, according to a survey that indicates Americans feel the worst of the recession is over. The Conference Board's index of consumer attitudes toward the economy increased to 93.7 in December from a revised 84.9 in November. That's the first rise in six months and the largest gain since February 1998. Optimism about the future rose. ``The economy is starting to turn a corner,'' said Michael Moran, chief economist at Daiwa Securities America Inc. in New York, before the report. Rising confidence ``is an indirect signal that layoffs are abating and the job market is stronger than it was previously.'' State unemployment offices received 392,000 initial claims for jobless benefits last week, compared with a nine-year high of 535,000 at the close of September, the Labor Department reported. While joblessness remains a threat, Americans felt sure enough about their prospects to shop at discounters such as Wal-Mart Stores Inc. and Target Corp. Orders for durable goods fell 4.8 percent in November after rising 12.5 percent a month earlier, the Commerce Department reported. Orders excluding the volatile category of transportation equipment rose 1.1 percent after rising 2.9 percent in October, the first back-to-back gains in almost two years. Analysts had expected the New York-based research group's index would rise to 83 this month from October's previously reported 82.2 reading, based on the median of 37 forecasts in a Bloomberg News survey. The Conference Board surveyed 5,000 households by mail from Dec. 1 through Dec. 17 about general economic conditions, their employment prospects and their spending plans. The index is the second to show an increase for this month. The University of Michigan's index of consumer sentiment rose to a four-month high. It was the third consecutive gain for the index, which is based on a telephone survey of 500 people and focuses more on spending plans. The Conference Board survey is oriented more toward job security. The component of the confidence index that tracks consumers' present situation rose to 96.9 this month from 96.2 in November. A gauge of consumer expectations for the next six months rose to 91.5 from 77.3 in November. The Michigan survey had shown an improvement in attitudes toward buying homes, appliances, furniture, electronic goods and other durables. People were less apt to buy cars after zero- interest financing pushed sales to a record pace in October.