A recent survey by the Conference Board reveals a significant surge in consumer confidence in California during September, reaching its highest point since February 2023. The state's index jumped 25% compared to August, marking the 14th largest one-month increase since 2007. This positive trend contrasts with a national decline in confidence.
confidence made a major U-turn in September, jumping to its highest level since February 2023 – a distinct bullishness compared to a sour national outlook.My trusty spreadsheet looked at the Conference Board ’s consumer confidence index tracking shopper psyches with polling in eight states including California and nationally. California confidence soared 25% in September, the 14th largest one-month increase in a yardstick that dates to 2007.
September’s surge put this index up 10% in a year. It’s also now 1% above the 2015-19 average – a reasonable measure of pre-pandemic normalcy. Why the pop? Well, Golden Staters told the survey they feel much better about the current economy. The index’s “present situation” measurement jumped 32% in a month. the last time it was higher was 13 months ago. Still the huge gain means it’s flat during the past year and it’s off 1% vs. 2015-19.The index’s “expectations” measurement hit a 30-month high after rising 18% higher in the month, 22% in a year, and 4% vs. 2015-19.
And the seven other states tracked? No September gains can be found. Look at the by the month’s dips – worst to least …How so? Perhaps it’s California’s job market, which is outpacing the nation and making locals feel better about their finances. And the Golden Sate’s lofty home prices makes interest rates a big monetary factor.
Consumer Confidence California Economy Survey Conference Board
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