California consumer confidence at 4-year high, Chapman survey says
California consumer confidence reached its highest level since the second quarter of 2008, according to a survey conducted by Chapman University.
The California Composite Index of Consumer Confidence increased to 94.2 in the third quarter of 2012, up from a revised second-quarter reading of 89.
The index is is based on consumers’ outlook on current and future economic conditions and their spending plans.
The current economic condition index was 86.8 in the third quarter, up from a second-quarter reading of 80.9. The biggest jump, however, was the index measuring consumers’ outlook on future economic conditions; that index increased to 105.6, up from a reading of 93.6 in the last quarter.
Underscoring the state of the fragile economy, the index measuring consumers’ spending plans indicated Californians are weary of making big-ticket item purchases. The index fell to 86.1, down substantially for a second-quarter reading of 96. The survey said higher gas prices are reducing consumers’ disposable income.
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