Job worries wilt consumer optimism in D.C. area
Consumer confidence in the D.C. region has stalled, according to the results of the Greater Washington Board of Trade Mid-Year Consumer Confidence Survey.
Consumer confidence, which had been growing for the past year and a half is now stagnant, mostly because of concerns about the job market.
As measured by the biannual survey, consumer confidence has remained virtually unchanged over the past six months. Since the last survey in November 2009, the Consumer Confidence Index rose only two points. (The survey’s margin of error is +/- 2.83.)
Survey results show that concern about the employment market is holding back overall consumer confidence in the region, with 61 percent of the respondents saying that jobs in the area are “scarce” and hard to find.
When asked about the future, half the respondents predict that the job market will either stay the same or even get worse over the next six months.
“Consumer confidence in our region has barely moved since last November indicating that there is growing trepidation in the economy,” said Jim Dinegar, president and CEO of the Greater Washington Board of Trade bad credit payday loans. “There have been too many disruptions to the recovery to give people confidence through the recession, but confidence will return.”
The percentage of consumers saying it is a good time to make major purchases has remained the same as it was in November 2009, at 43 percent.
Data indicate that homeowners in the D.C. region are a little less optimistic about home values rising over the next six months, dropping from 33 percent to 30 percent.
In contrast to the Greater Washington Board of Trade’s Consumer Confidence Survey, the Business Outlook Survey, which is based on a survey of the region’s business executives, jumped a hefty 18 points, from 68 to 83, between December 2009 and April 2010.