Consumer confidence falls to two-year low

Taiwan's consumer confidence index (CCI) in September dropped to its lowest level in two years, reflecting uncertainty about Taiwan's economic outlook, National Central University (NCU) said Tuesday.

The CCI for September was 78.66, down 0.90 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 September, two of the six sub-indexes moved up, but only slightly.

The sub-index for family finances rose 0.1 point to 78.9, while the sub-index for the timing for durable goods purchases gained 0.05 points to 89.

The sub-index for confidence in consumer prices saw the biggest decline, falling 2.6 points to 52.45.

The second-biggest decline was recorded in the sub-index for confidence in stock market investments, which dropped 2.1 points to 68.70.

The sub-index for confidence in the job market decreased 0.8 points to 109.60, and the sub-index for confidence in the local economy was down 0.05 points to 73.30.

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 the only area in which respondents had confidence in the coming six months was the labor market.

The survey, conducted from Sept. 10 to 23, received valid responses from 2,404 adults and had a margin of error of plus or minus 2.0 percentage points.

Source: Focus Taiwan News Channel