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Consumer confidence rises for second straight month

Tuesday, February 23, 2021 | Matt Ott, AP Business Writer


In this Tuesday, Sept. 15, 2020, file photo, passers-by examine a storefront window in Boston's fashionable Newbury Street shopping district. U.S. consumer confidence dipped slightly in October as a new wave of coronavirus cases began across the country. The Conference Board reported Tuesday, Oct. 27, 2020, that its consumer confidence index fell to a reading of 100.9, from 101.8 in September. (AP Photo/Steven Senne)

SILVER SPRING, Md. (AP) — U.S. consumer confidence rose again in February as an accelerating COVID-19 vaccine push provides hope for Americans who have lived through a year of unprecedented restrictions.

The Conference Board reported Tuesday that its consumer confidence index rose to 91.3, up from 88.9 in January.

However, despite the improved vaccination rollout, consumers are more optimistic about current conditions than they are about the near future. The present situation index, which is based on consumers' assessment of current business and labor market conditions, rose to 92 from 85.5 last month.

But the expectations index — based on consumers' near-term outlook for income, business, and labor conditions — ticked down slightly to 90.8 this month from 91.2 in January. That's somewhat surprising to economists as many experts have predicted that widespread vaccinations and warmer weather could make for a summer of relative normalcy.

“One would imagine that the prospect of vaccines being rolled out to all Americans would boost confidence for the future,” said Jennifer Lee, an economist with BMO Capital Markets. “Not the case this month.” Lee noted that she thought consumer confidence would continue to improve in the coming months as more people are vaccinated and businesses fully reopen.

The percentage of consumers who said business conditions are “good” increased from 15.8% to 16.5%, while the proportion claiming business conditions are “bad” fell to 39.9% from 42.4%. Consumers’ views of the labor market also improved.

The percentage of consumers expecting business conditions to improve over the next six months fell to 31% from 34.1%. Those expecting conditions to worsen, however, also declined.

Consumers' assessment of the job market was also mixed. While fewer of those surveyed said they expected more job opportunities in the coming months, those who thought there would be fewer prospects also declined.

Slightly fewer consumers expect their incomes to increase in the next six months, but fewer see their incomes declining.

The consumer confidence index, which is closely watched by businesses and economists because consumer spending makes up about 70% of U.S. economic activity, had been over 100 for nearly 4 years before the pandemic struck last spring. The metric has mostly languished in the 80s and 90s since then, except for two month this fall.

Average daily COVID-19 deaths and cases have plummeted in the past few weeks. Virus deaths have fallen from more than 4,000 reported on some days in January to an average of fewer than 1,900 per day.

While winter weather has hamstrung vaccination efforts the past couple of weeks, supply is catching up with need and experts expect distribution to accelerate further as the weather improves.


7 Electric Vehicle (EV) Stocks That Have Real Juice

I’ll start with a disclaimer. You won’t see Tesla (NASDAQ:TSLA) or Nio (NYSE:NIO) on this list. And that’s not because I’m being contrarian. I just view Tesla and Nio as the known quantities in the electric vehicle sector. The goal of this presentation is to help you identify stocks that may be flying under your radar.

Many EV stocks went public in 2020 via a special purpose acquisition company (SPAC). There is both good and bad to that story. The good is that investors have many options for investing in the EV sector. Many of the companies that have entered the market are attempting to carve out a specific niche.

The potentially bad news is that these stocks are very speculative in nature. Whereas companies like Tesla and Nio have a proven (albeit recent) track record, there are things like revenue and orders that investors can analyze. With many of these newly public companies, investors are being asked to buy the story more than the stock and that is always risky.

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View the "7 Electric Vehicle (EV) Stocks That Have Real Juice".

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