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What exactly is consumer confidence anyway? Is it like just the general opinion on how our economy is doing? Or is it a measure of something specific?
Both.
Copied from various sources elsewhere:
Thanks!
It's the belief that you can spend your extra money because you're not going to go broke next week due to the stability of "the economy".
I'm personally saving every single penny and not buying a single thing beyond what I absolutely unequivocally need.
Note: It's also entirely possible I may take my extra dough out of my bank and buy gold like one of the crazies on TV because confidence in the dollar is... slipping.
it basically measures willingness to spend
no consumerism, bye bye US economy
I may be completely wrong. But I always took it to mean people spending less on stuff they can live without. Either because they can no longer afford it or are expecting something bad to happen on the wallet front
Bstix had the correct answer. These are regular surveys provided to different regions of the country to gauge sentiment. How do you feel about the economy today, what do you think about the future. They have a similar one that goes out to business leaders. When you look at the business confidence and consumer confidence you get a picture of how people in that area will spend, and invest money. It's not anyones favorite data point, but it can be a strong indicator of recession.
I believe during covid consumer sentiment cratered first and the economy went after it.