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YOUR MONEY with Mark: The importance of the consumer confidence index

Financial Advisor Mark Grywacheski discussed the expectations for the upcoming number Monday, January 25th.

DAVENPORT, Iowa — Financial Advisor Mark Grywacheski says the Consumer Confidence Index is released each and every month.

Any number above 100 indicates a belief that the economy's doing well. Any number below 100 indicates the opposite. In April of 2020, the index plummeted to 85.7. By September, it'd gotten back up to 101.3. By November though, it hit 96.1, and by December it had dropped to 88.6. 

What will January's number be, and how will it compare to December's? Grywacheski got into the expectations Monday, January 25th. 

"I think for January's report released tomorrow morning, maybe we get a slight improvement around the 90 level, but for the past nine months, the consumer confidence has been heavily tied to the state of pandemic, and we're still seeing a record number of new cases," Grywacheski said Monday morning.

He thinks the consumer confidence number will go back above 100 as more vaccines are distributed and government restrictions are lifted. Your Money with Mark airs live each Monday in between 5 and 5:30 a.m.