Consumer confidence soars

Consumer confidence hit a record high in the July to September quarter as more Jamaicans said the signs were there for a brighter future.

That is according to the finding of the Jamaica Chamber of Commerce Business and Consumer Confidence survey for the third quarter of this year.

Don Anderson, managing director of Market Research Services, who released the findings at a media briefing this morning, noted that the consumer confidence index had climbed to 172.6 in the quarter, the highest it has been since the survey was first done in 2001.

This was a sharp increase over the 159.1 recorded at the end of the second quarter of this year.

According to Anderson, more Jamaicans expect their income to increase in the last quarter of the year with 37 per cent saying they foresee an improved economy,

Consumers also have a positive assessment of current and future business conditions and heightened expectations of their purchasing plans.

Anderson noted that while there remain concerns about the job situation, more consumers have a positive outlook on the possibility of finding employment.

“The positive job outlook was driven by consumers’ observations of persons getting jobs and/or reports of jobs being created,” said Anderson.

He added that construction and business processing operations were the areas providing the majority of new jobs.

The veteran researcher indicated that unlike consumers, businesses remain in a cautious mood with the business confidence index stable at 140 points.

This is the same as the second quarter and the average index for the past 11 quarters as businesses, while bullish on the economic prospects, are less upbeat than consumers.    

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