Consumer confidence sharply up from the bottom until the New Year – OBI Online

The Norwegian Consumer Confidence Index (CCI) was minus 3.6 points in May, up 0.8 points from April, according to the Opinion maimåling.

CCI remains at a low level, although it now is 8.1 points higher than in December, when it was at its lowest level since time series measurements started in 2007.

Confidence index has been negative for 20 consecutive months but is now 2.7 points above average for 2015 and rising for the second consecutive month.

– Two of the four sub-indices that make up the overall confidence index rises from April to May. We look slightly stronger expectations for both their own finances and the national economy in 12 months. The greatest progress we see expectations of personal finances, says Henrik Høidahl, senior consultant at Opinion, in a statement.

– The unemployment index falls sharply, which is a positive development. There is still uncertainty to track, but fewer compared with previous months believe that unemployment will rise over the next 12 months. We must go back to September 2014 to find a lower index. Per May 2016 is this index lower than the average for 2015, says Høidahl.

– Bottom point of consumer confidence was reached in November and December last year, after a negative trend over several months. In this period there was also a growing number who expected that their own economy would be worse in 12 months. The figures for the first five months show that these expectations are still relatively low, but they rise thus in May for the second consecutive month, and CCI is at its highest level since April 2015, said Henrik Høidahl.

CCI is an average of consumers’ expectations concerning their own and the country’s economy, unemployment and their ability to save for the next 12 months.