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California consumer confidence jumps

June 10th, 2009, 11:02 am · 12 Comments · posted by Mary Ann Milbourn

Californians are feeling a lot better about the the economy, with consumer confidence jumping to pre-recession levels in the second quarter, Chapman University reported today.

The school's California Composite Index of Consumer Confidence rose 12 points to 70.7, the highest since the fourth quarter of 2007. Expectations for the economy a year from now rocketed 19 points to 99.5.  (Click on chart to enlarge.)

chapman-consumer-confidence-2q09

Chapman economist Esmael Adibi noted the mail-in survey was completed in mid-May when the economy seemed to be improving on several fronts.  He attributed the new-found optimism to three factors:

  • Gasoline prices were stable
  • The stock market was up
  • Experts were indicating the worst was behind us

He said that with gasoline prices soaring since this survey was taken, consumers' outlook  may be less rosy for the third quarter.

Adibi said consumers aren't exactly giddy about the economy, noting any number under 100 on the index indicates pessimism; over 100 is optimism.

"Let's just say consumers are shedding a little of their pessimism," he said.

Read the full report HERE.

Did you miss these other items on jobs and the economy ...

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 12 Comments

  • Joe says:
    June 10, 2009 at 12:18 pm

    Gas prices stable, yeah we will be at $4.00 or above by the end of the year, this is such garbage.

  • bw says:
    June 10, 2009 at 12:22 pm

    Did they only survey public sector employees?

  • BOGEY says:
    June 10, 2009 at 12:25 pm

    "noting any number under 100 on the index indicates pessimism"

    Let's see, the current # is 70

    nuff said

  • Sandpaper Suzi says:
    June 10, 2009 at 12:47 pm

    If the gas reaches $3.00 or higher, then expect the stock market fall, and the states tax payers anger to rise

  • trust but verify says:
    June 10, 2009 at 1:18 pm

    What kind of statistics is this?? Unemployment is double digits, homes prices are at 1988 levels, 789 Chrysler dealers are closing, more GM Dealers to close, taxes are going up, CA state to declare bankruptcy in a month and this professor says what?? What Californians? I have lived here in CA and this is worse than when Carter was in office. And it was bad then. Oh, i forgot to mention Gas prices are going up along with interest rates to pay for all this government spending. What nonsense.

  • CM Reader says:
    June 10, 2009 at 4:45 pm

    All I can say about those optimistic consumers is: SUCKERS! The poor slobs don't know what is happening.

  • chuckconners says:
    June 10, 2009 at 4:47 pm

    Good to know housing has rebounded, everyone has a job and no one is behind in their bills.

  • Wild Bill says:
    June 10, 2009 at 5:32 pm

    This poll must have been taken @ medical marijuana facility

  • TheAllKnowing says:
    June 10, 2009 at 5:57 pm

    Me thinks Chapman University should click on some of the other links on this page:

    * Investment company has more layoffs
    * 5 jobless workers vie for every opening
    * 800 show up for Sprouts jobs

    California hasn't even begun to hit rock bottom. Gotta love these "stick your finger in the air and see which way the wind is blowing" reports. Any bets on the next report that comes out will say the exact opposite?

  • Ed says:
    June 10, 2009 at 6:35 pm

    They only asked the folks with jobs or trust fund money. Surveys are only as reliable as the people they survey. ;-)

  • Tyler says:
    June 10, 2009 at 10:29 pm

    You have to love these academic types, most have never worked in the "real world", one big continuation of high school, and they all love to spew facts and figures that just dont seem to jive with what is actually happening in society. Did little Susie and Bobby country club send out mailers to Balboa Island from their graduate class to come up with these results ? Total comedy piece.

  • Peter says:
    June 16, 2009 at 1:29 pm

    What a joke if this is not a depression what is these morons have never run a hot dog stand what do they know about Business's in cal i'm sick of this non stop BS