Consumer confidence down in August

Taiwan's consumer confidence index (CCI) fell in August, reflecting public concerns over the economy, National Central University (NCU) said Monday.

The CCI for August stood at 79.56, down 0.62 points from a month earlier, according to a survey conducted by the university's Center for Taiwan Economic Development asking Taiwanese consumers about their spending intentions and outlook for the coming six months.

The index consists of six indicators reflecting how much confidence people have in consumer prices, the job market, family finances, the overall economic climate, the stock market and the possible purchase of durable goods in the coming six months.

In August, the sub-indexes for the six factors all moved downward.

The sub-index for confidence in stock market investments saw the biggest decline, falling 2.3 points from a month earlier to 70.8 in August.

The second-biggest decline was recorded in the sub-index for the timing for durable goods purchases, which dropped 0.55 points to 88.95, followed by the sub-index for confidence in the job market, which decreased 0.4 points to 110.4.

The sub-index for confidence in the local economy lost 0.25 points to 73.35, the sub-index for confidence in consumer prices fell 0.15 points to 55.05, and the sub-index for family finances was down 0.1 point to 78.8.

According to NCU, a sub-index score of between 0 and 100 indicates pessimism, while a score of between 100 and 200 indicates optimism, meaning that respondents were only optimistic about the labor market in the coming six months.

The survey, conducted from Aug. 19 to 23, received valid responses from 2,416 adults and had a margin of error of plus or minus 2.0 percentage points.s

Source: Focus Taiwan