The Conference Board U.S consumer confidence index beats analysts estimate in January

on Jan 28, 2020
Updated: Mar 11, 2020
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  • The Conference Board U.S consumer confidence index beats analysts estimate in January.
  • U.S consumer confidence recorded at 131.6 in January versus the analysts' estimate of 128.
  • 49% of the U.S consumers branded jobs as plentiful while only 11.6% said jobs were hard to get.

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The Conference Board announced the U.S consumer confidence index on Tuesday. Printing better than expected, the report pushed the U.S dollar index higher but the overall impact on the forex market wasn’t too aggressive.

Tuesday’s economic data highlighted the consumer confidence to have noted a better than expected growth in the United States in January. Conference Board cited the optimism of the labor market to have contributed to the upbeat data.

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CB Consumer Confidence Prints At 131.6 In January

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The index was capped at 126.5 in December, following which, economists had expected it to hike sharply to 128 in January. Noting an even higher 131.6 this month, the index brought good news for the U.S economy.

The Conference Board’s senior director of economic indicators, Lynn Franco, commented on Tuesday’s report and highlighted that the U.S consumers have started to express optimism regarding their job prospects in the upcoming months that translated into better than expected figure for consumer confidence. With the improving labor market expected to keep the confidence higher in the short-term, consumers are likely to continue stimulating growth and protecting the U.S economy from losing its pace this year.  

According to the CB consumer confidence released earlier today, 49% of the U.S consumers branded jobs as plentiful. The figure was capped at 46.5% in December. On the other hand, only 11.6% of the U.S consumers said jobs were hard to get while a slightly higher 13.6% had previously reported the same last month.

Response In The Financial Markets

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The economic data on Tuesday cast a considerable impact on the stock market with Dow Jones Industrial Average last seen trading near the session high. The index opened the day at around 28,594 on Tuesday and was later seen trading around 28,793.

The U.S dollar index challenged the crucial psychological resistance at 98.0 after the release of the CB consumer confidence index earlier today. The index recorded a daily low of 97.73 on Tuesday. Following the release of economic data, it was reported trading around 97.96. Much of the gain, however, was unsustainable as the U.S dollar index fell back to 97.87 later in the day.

The response in the forex market wasn’t too remarkable either. The report failed to fuel more than 15 pips of movement in EUR/USD that dropped from around 1.1010 to around 1.0995.

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