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☆ Americans’ economic mood is perking up ahead of the election, survey finds
▼ + stars: | 2024-10-29 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

The Conference Board’s latest consumer survey showed that Americans this month became more optimistic about the future of both the labor market and the broader US economy. The monthly survey’s Consumer Confidence Index jumped in October by the fastest clip since March 2021. In September, jitters over the job market’s health weighed on consumer confidence, but economic data after that showed that the job market remains solid. “Views on the current availability of jobs rebounded after several months of weakness, potentially reflecting better labor market data,” Peterson said. Data for September pointed to a robust job market, which translated into better consumer confidence.

Persons: “, ” Dana Peterson, jitters, ” Peterson, Kamala Harris, ”, Lael Brainard, Robert Frick, August’s Organizations: Washington CNN, Conference Board’s, White House, Navy Federal Credit Union

☆ Consumer confidence surges as election nears, while job openings move lower
▼ + stars: | 2024-10-29 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Consumers grew more optimistic about the U.S. economy heading into the contentious presidential election even as job openings hit multi-year lows, according to separate reports released Tuesday. The Conference Board's consumer confidence index for October rose more than 11% to a reading of 138, its biggest one-month acceleration since March 2021. "Views on the current availability of jobs rebounded after several months of weakness, potentially reflecting better labor market data." The drop in openings took the ratio of job vacancies to available workers below 1.1 to 1. Though the openings level moved lower, hires rose 123,000 on the month.

Persons: Dow Jones, Dana Peterson Organizations: Labor Locations: U.S

☆ Consumer confidence fell more than expected this month
▼ + stars: | 2024-09-24 | by ( Jeff Cox | Jeff Cox Is A Finance Editor With Cnbc.Com Where He Covers All Aspects Of The Markets | Monitors Coverage Of The Financial Markets | ) www.nbcnews.com time to read: +2 min

The board’s Consumer Confidence Index slid to 98.7, down from 105.6 in August, the biggest one-month decline since August 2021. By contrast, the index had a reading of 132.6 in February 2020, a month before the Covid pandemic hit. Each of the five components the organization samples fared worse on the month, with the biggest fall coming among those aged 35-54 and earning less than $50,000. “Consumers’ assessments of current business conditions turned negative while views of the current labor market situation softened further. Consumers were also more pessimistic about future labor market conditions and less positive about future business conditions and future income,” said Dana Peterson, chief economist at The Conference Board.

Persons: Dow, ”, Dana Peterson, Stocks, ” Peterson Organizations: Conference Board, Treasury, Federal Reserve

☆ Americans are fretting over the job market
▼ + stars: | 2024-09-24 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Washington CNN —America’s slowing job market is taking a toll on people’s moods. The Conference Board’s latest consumer survey showed that Americans became much more pessimistic about the US economy’s current health and the future of the job market. “September’s decline was the largest since August 2021 and all five components of the Index deteriorated.”The US job market is in decent shape, but it is clearly running at a much slower pace these days than it has in recent years. Peterson said the weaker-than-expected survey results “reflected consumers’ concerns about the labor market and reactions to fewer hours, slower payroll increases, fewer job openings — even if the labor market remains quite healthy, with low unemployment, few layoffs and elevated wages.”The job market’s fate is unclear. Employers might be holding back on hiring for two good reasons: Uncertainty over the upcoming US presidential election and the fate of interest rates, CNN previously reported.

Persons: ”, Dana Peterson, mightily, Peterson, Jerome Powell, Kamala Harris, Donald Trump Organizations: Washington CNN, Conference Board, Employers, Federal Reserve, CNN

☆ September consumer confidence falls the most in three years
▼ + stars: | 2024-09-24 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The board's Consumer Confidence Index slid to 98.7, down from 105.6 in August, the biggest one-month decline since August 2021. By contrast, the index had a reading of 132.6 in February 2020, a month before the Covid pandemic hit. "Consumers' assessments of current business conditions turned negative while views of the current labor market situation softened further. Consumers were also more pessimistic about future labor market conditions and less positive about future business conditions and future income," said Dana Peterson, chief economist at The Conference Board. The last time the confidence index dropped more came as inflation was just beginning a climb to what ultimately was the highest level in more than 40 years.

Persons: Dow, Dana Peterson, Stocks, Peterson Organizations: Conference Board, Treasury, Federal Reserve

☆ Americans Really Hate the so-so Economy, Worried About Recession
▼ + stars: | 2024-09-17 | by ( Emily Stewart | ) www.businessinsider.com time to read: +9 min

We expected there to be a cooling labor market — that's kind of the goal — and it's always just, you know, how cool?" That being said, when it comes to the labor market … it is, in fact, so over. That's an improvement over July's 4.3% unemployment rate, but overall, the jobs market in the US is cooling off. Related stories"If you imagine a labor market like a bathtub, the bathtub is full," said Dana Peterson, the chief economist at the Conference Board. Despite the strong labor market, they're sending endless résumés into the ether without getting any bites, and they don't understand why.

Persons: I've, it's, Allison Shrivastava, Joanne Hsu, there's, Dana Peterson, Jaime, Alexis Fowler, she'd, That's, pang, Hsu, Michael Madowitz, Y, Peterson, We're, Emily Stewart Organizations: Federal, University of Michigan, Conference Board, Roosevelt Institute, Business

☆ Average base pay raises at larger corporations projected to be just under 4% next year
▼ + stars: | 2024-09-15 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

New York CNN —Mostly large US corporations are projecting an average increase in their base pay budgets of 3.9% for next year, according to a new survey of 300 compensation leaders across 11 major industries from The Conference Board. That is lower than the 4.4% average increase they paid out in 2023, which marked a 20-year high for base pay raises. But it is a tick up from the 3.8% bump that companies were paying out this year, according to The Conference Board. Base pay budget increases are typically viewed as a proxy for the average raises employees may receive. Actual base pay increases next year may be different if economic and business conditions change.

Persons: Dana Peterson Organizations: New, New York CNN, The Conference Board, Conference Board, Base, ” Conference Board Locations: New York

☆ Tomorrow's CPI won't 'seal the deal' for a September rate cut, says economist Dana Peterson
▼ + stars: | 2024-07-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTomorrow's CPI won't 'seal the deal' for a September rate cut, says economist Dana PetersonDana Peterson, The Conference Board Chief Economist, joins 'Closing Bell Overtime' to talk what to expect from the Fed moving forward and if a rate cut is on the horizon.

Persons: Dana Peterson Dana Peterson Organizations: The Conference Board

☆ Americans felt shakier about the economy in June
▼ + stars: | 2024-06-25 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

CNN —US consumer confidence teetered slightly in June as Americans grew a little more wary about the future, new data released Tuesday showed. The Conference Board’s latest consumer confidence index dipped to a reading of 100.4 in June from 101.3 in May. Readings of Americans’ confidence are typically closely watched, as consumer spending accounts for nearly 70% of US economic activity. Although the two indexes typically track similarly over time, the consumer confidence index is more influenced by employment and labor market conditions, while the Michigan sentiment index has a greater emphasis on household finances and the impact of inflation. The Michigan index’s preliminary reading for June, released earlier this month, showed sentiment levels were at a seven-month low.

Persons: Dana Peterson, ” Organizations: CNN, Conference Board, University of Michigan’s, Michigan Locations: Michigan

☆ Worker pay rose more than expected in Q1 in another sign of persistent inflation
▼ + stars: | 2024-04-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Employee compensation costs jumped more than expected to start the year, providing another danger sign about persistent inflation, while consumer confidence hit its lowest level in nearly two years. The employment cost index, which measures worker salaries and benefits, gained 1.2% in the first quarter, the Labor Department reported Tuesday. The Fed watches the ECI as a significant measure of underlying inflation pressures. State and local government workers saw their compensation costs rise 4.8%, down just narrowly from the same period in 2023. The Consumer Confidence Index slipped to 97, a decline of 6.1 points that was below the Wall Street estimate for 103.5.

Persons: Dow Jones, Dana Peterson, Peterson Organizations: Labor Department, Dow, Fed, Committee, Conference Locations: State

☆ Consumers are really moving more to the value sector, says BCI Brands' Manny Chiricoo
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumers are really moving more to the value sector, says BCI Brands' Manny ChiricooDana Peterson, The Conference Board chief economist, and Manny Chirico, chair of BCI Brands, join CNBC's 'Squawk Box' to discuss the latest number in retail sales, the state of the consumer, and more.

Persons: Manny Chiricoo Dana Peterson, Manny Chirico Organizations: Consumers, BCI Brands, The Conference Board

☆ Is the Fed's 2% inflation target still a realistic goal?
▼ + stars: | 2024-04-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIs the Fed's 2% inflation target still a realistic goal? Daniel Morris, Chief Market Strategist at BNP Paribas Asset Management, and Dana Peterson, Chief Economist at The Conference Board, debate the outlook for inflation and how to navigate a non-2% world.

Persons: Daniel Morris, Dana Peterson Organizations: Asset Management, Conference Board

☆ The Trapped Economy: Americans Can't Buy a Home, Car, or Find a New Job
▼ + stars: | 2024-03-20 | by ( Emily Stewart | ) www.businessinsider.com time to read: +7 min

If you like your situation right now — your job, your house, your car — you can keep it. The labor market has cooled off somewhat, making it less advantageous to hunt for a new job. The car market is in a similar situation. Employers are hiring as if there's a relatively weak labor market, not a strong one. Yes, the labor market is strong, but it's not a great time to go looking for a new job.

Persons: Joanne Hsu, there's, they're, —, Dana Peterson, that's, it's, Matt Darling, Darling, Tamara Charm, Charm, Emily Stewart Organizations: University of Michigan, Labor Statistics, Conference Board, Companies, Employers, Niskanen, McKinsey, Business

☆ Economy will slow to a growth rate of 0-1% over the course of Q2-Q3, says Dana Peterson
▼ + stars: | 2024-03-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEconomy will slow to a growth rate of 0-1% over the course of Q2-Q3, says Dana PetersonDana Peterson, The Conference Board chief economist, and Nathan Thooft, Manulife Investment Management CIO and senior portfolio manager, join 'Squawk Box' to discuss the state of the economy, the Fed's interest rate decision, inflation outlook, and more.

Persons: Dana Peterson Dana Peterson, Nathan Thooft Organizations: The Conference Board, Manulife Investment

☆ US consumer confidence soured in February for the first time in three months
▼ + stars: | 2024-02-27 | by ( Bryan Mena | ) edition.cnn.com time to read: 1 min

Washington, DC CNN —Americans’ attitudes toward the economy soured in February after a three-month streak of improving moods, according to The Conference Board’s latest consumer survey released Tuesday. The survey’s index fell in February to 106.7, down from a reading of 110.9 in January. Americans became less worried about rising food and gas prices, but more concerned about the job market, the survey showed. “The drop in confidence was broad-based, affecting all income groups except households earning less than $15,000 and those earning more than $125,000,” Dana Peterson, chief economist at The Conference Board, said in a release. “Confidence deteriorated for consumers under the age of 35 and those 55 and over, whereas it improved slightly for those aged 35 to 54.”This story is developing and will be updated.

Persons: ” Dana Peterson Organizations: DC CNN, Conference Locations: Washington

☆ Consumers are currently in a win-win situation, says Dana Peterson
▼ + stars: | 2024-02-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumers are currently in a win-win situation, says Dana PetersonDana Peterson, Chief Economist at The Conference Board, discusses the January CPI report.

Persons: Dana Peterson Dana Peterson Organizations: Consumers, Conference Board

☆ Surging restaurant prices are making dining out even more of a luxury
▼ + stars: | 2024-02-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

That’s because prices for groceries are up 1.2% year over year, while the price of food consumed at restaurants is up 5.1%. And in this election year, higher food prices, which rose last month to their highest monthly rate in a year, could present problems for President Joe Biden’s campaign. In January 2023, it was cheaper to dine out, with food prices up 8.2% compared to the prior year. In the post-pandemic world, consumers have been devoting more of their budgets to services compared to goods. As a whole, prices for services — which include dining out, transportation and entertainment — were up 0.7% in January compared to the prior month.

Persons: you’ve, Joe Biden’s, What’s, ”, Dana Peterson, ” Goldman Sachs Organizations: New, New York CNN, Conference Board Locations: New York

The business group’s consumer confidence index rose to 114.8 from a revised 108 in December. The present situation Index – a measure of current business and labor market conditions – surged to 161.3 from 147.2 last month. And it comes as the Federal Reserve is meeting in Washington to set interest rate policy, with economists forecasting the central bank will hold interest rates steady. But, he adds, “The Fed’s not going to change” at its first meeting of 2024 that began on Tuesday and do anything other than hold interest rates steady for the fourth meeting in a row. The index often leads other consumer sentiment surveys by two to three months, says Legal Shield CEO Warren Schlichting.

Persons: ”, Dana Peterson, Stephen Rich, Melissa Brown, Jerome Powell, Gene Goldman, Warren Schlichting, Schlichting, it’s Organizations: Conference, Mutual of America Capital Management, Federal Reserve, Investment Management, “, Labor Department, ADP Locations: U.S, Washington

☆ The biggest risks US businesses face in 2024
▼ + stars: | 2024-01-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +11 min

But, while businesses have plenty to be grateful for and much to be optimistic about, the coast isn’t clear. Last week, surveys from the National Federation of Independent Business (NFIB) and The Conference Board detailed the biggest risks that businesses are currently worried about. Here are some of the biggest risks for American businesses in 2024. Those financial stresses can reduce the willingness of banks to lend to others businesses and also to consumers,” she said. Bank earnings look really bad this quarter.

Persons: there’s, “, John Maynard Keynes, ”, ” Dana Peterson, Bill Dunkelberg, ” Peterson, ” Suzanne Clark, We’re, Mike Johnson, Chuck Schumer, Fitch, Clark, JPMorgan Chase, Nicole Goodkind, Krystal Hur, FactSet, Martin Luther King Jr, Morgan Stanley, Goldman Sachs Organizations: CNN Business, Bell, DC CNN, Federal, National Federation of Independent Business, Board, US, of Commerce, of American, Conference Board, Conference, CNN, Fed, Corporate, US Chamber of Commerce, chamber’s State of American, AAA, Moody’s Investors Service, US Chamber, Commerce’s, Google, Citigroup, Bank, JPMorgan, FactSet, Revenue, Profit, Federal Deposit Insurance Corporation, Valley Bank, Signature Bank, Bank of America, FDIC, Citi, China’s National Bureau of Statistics, Alcoa, National Statistics, US Commerce Department, US Labor Department, Federal Reserve, University of Michigan, National Association of Realtors Locations: Washington, Wells, Corporate America, chamber’s State, BlackRock, Amazon, Argentina, Japan

☆ We see a 'short & shallow' recession in the first half of 2024: The Conference Board's Dana Peterson
▼ + stars: | 2023-11-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe see a 'short & shallow' recession in the first half of 2024: The Conference Board's Dana PetersonDana Peterson, The Conference Board chief economist, joins 'Squawk Box' to discuss the state of the economy, health of the consumer, revised Q3 GDP data, and more.

Persons: Dana Peterson Dana Peterson Organizations: The Conference Board

Consumers grew somewhat more optimistic about the future of the economy in November as expectations about inflation improved, but their sense of the current state of affairs worsened a bit. Still, two-thirds of consumers surveyed still expect a recession to be “somewhat” or “very likely” within the next 12 months. However, that is well above current inflation of 3.2% and forecasts from the Federal Reserve and mainstream economists. In the peak hour from 10 p.m. to 11 p.m. EST, consumers spent $15.7 million a minute, according to online analytics firm Adobe. One thing that might make some consumers happy is that home prices continued to increase in September.

Persons: ”, Dana Peterson, ” Peterson, Jeffrey Roach, Craig J, Lazzara, Lisa Sturtevant Organizations: Conference, Federal Reserve, LPL, “, Adobe, MLS Locations: Detroit, San Diego

"A fiscal commission is direly needed," Republican Senator Mike Braun, a Budget Committee member, said in an interview. It circulated ideas from a dozen experts on how a commission could offer up solutions for taming deficits and debt. Other recommendations included subjecting high-income earners to more Social Security taxes and gradually raising the age for full retirement benefits to 69 from the current 67. A commission, said independent Senator Bernie Sanders, who caucuses with Democrats, would simply be "a backdoor way to get into cutting Social Security." Sanders embraced lifting the cap on taxable income to extend the life of the Social Security trust fund.

Persons: Kevin Wurm, Mike Braun, Braun, Moody's, Fitch, Michael Peterson, Peter G, Mark Zandi, Dana Peterson, Lori Esposito Murray, Joe Manchin, Mitt Romney, Bernie Sanders, Sanders, Richard Cowan, Moira Warburton, Grant McCool Organizations: U.S, Capitol, REUTERS, Rights, Congress, Treasury Department, Republican, AAA, Peterson Foundation, Conference Board, Democratic, Representatives, Social Security, Social, Thomson Locations: Washington , U.S

☆ Economic Outlook: Will 2024 Be Better?
▼ + stars: | 2023-11-09 | by ( Sharon Epperson | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEconomic Outlook: Will 2024 Be Better? As we begin to close out a year dominated by historic inflation and interest rate hikes, the question on everyone's mind is when will things get better? CNBC's Sharon Epperson asks The Conference Board Chief Economist Dana Peterson to look ahead to 2024 and examine what the economic landscape may resemble, and what that means for your money.

Persons: Sharon Epperson, Dana Peterson Organizations: Conference Board

☆ Retailers predict a slower holiday shopping season
▼ + stars: | 2023-11-02 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Retailers are projecting slower growth this holiday shopping season as inflation, higher borrowing costs, and the resumption of student loan repayments cause many consumers to pull back. The government reported that strong consumer spending drove the economy to a robust 4.9% annual growth rate in the July-September quarter. Consumer confidence dropped for the third consecutive month despite the booming economy. The resumption of student loan repayments last month after a three-year pause could also impact consumer spending. “Student loan repayments will diminish the already dwindling savings among younger households,” Moody’s said in a report this week.

Persons: Matthew Shay, ” Dana Peterson, “ Consumers, ”, ” Moody’s, ” Shay Organizations: New, New York CNN — Retailers, National Retail Federation, “, Consumer, Conference Board, Consumers Locations: New York, splurging

There are reasons for the central bank to be, as policymakers have said, "careful" in approving any further rate increases. "We think real rates are higher due to very strong US growth," analysts from Citi wrote ahead of this week's Fed meeting. As of the September meeting, Fed officials said they still felt one more rate hike would be necessary. But Powell has also said growth needs to slow - and if it doesn't, it means the Fed's policy rate will need to move higher. It's a good thing that the labor market's strong," Powell said at his press conference following the end of the Sept. 19-20 policy meeting.

Persons: Jerome Powell, Brendan McDermid, Powell, Nancy Vanden Houten, Dana Peterson, Consumers, Howard Schneider, Dan Burns, Paul Simao Organizations: Federal, Economic, of New, REUTERS, Federal Reserve, Treasury, Citi, Fed, Reuters Graphics Reuters, U.S, Investors, Gross, Oxford Economics, Conference Board, Conference Board's, Thomson Locations: of New York, New York City, U.S, WASHINGTON, joblessness

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