NEW YORK — While mass retailers got a lift from a late-season holiday sales surge, consumer confidence waned in December, according to a major economic benchmark.
While mass retailers got a lift from a late-season holiday sales surge, consumer confidence waned in December, according to a major economic benchmark.
Business think tank The Conference Board said Tuesday that its Consumer Confidence Index decreased slightly in December after having risen in November. The December index slipped to 52.5 from 54.3 the previous month.
The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The cutoff date for December’s preliminary results was Dec. 20.
"Despite this month’s modest decline, consumer confidence is no worse off today than it was a year ago," Lynn Franco, director of the Consumer Research Center at The Conference Board, said in a statement.
"Consumers’ assessment of the current state of the economy and labor market remains tepid, and their outlook remains cautious," Franco explained. "Thus, all signs continue to suggest that the economic expansion will continue well into 2011 but that the pace of growth will remain moderate."