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Consumer confidence hits new high

Consumer confidence hits new high

Taipei, Jan. 28 (CNA) Taiwan's consumer confidence index (CCI) has hit a new record high, a survey by National Central University showed Wednesday, with researchers attributing climbing confidence to the economic recovery. The survey said that the CCI for January rose 1.87 points from December to hit 88.23, its highest level ever recorded. All of the six sub-indexes showed improvement over last month, the survey showed. It analyzes confidence in employment, the local business climate, family finances, consumer prices, the timing for investing in the equity market, and the timing for buying durable goods. The university said that the sub-index of the timing for investing in the equity market showed the highest growth of 4.40 points from a month earlier, followed in second place by the 2.20-point growth in the local business climate. Timing for buying durable goods rose 1.55 points month-on-month. The sub-index of the timing for investing in the equity market served as a driver for the CCI's improvement, the university said. The family finances area, meanwhile, rose 1.35 points from a month ago, followed by confidence in the job market at 1.25 points and consumer prices at 0.45 points, the university said. D.R. Wu (???), head of the university's Research Center for Taiwan Economic Development, said that the rising confidence levels are not surprising because the local economic recovery remains on track. According to the Directorate General of Budget, Accounting and Statistics, Taiwan's economy is expected to grow 3.50 percent in 2015, up from a previous estimate of 3.43 percent. Wu also said that the gains posted by the sub-index for confidence in employment indicated that the local job market remains stable and is continuing to improve. Last month, the local jobless rate fell to 3.79 percent, the lowest level for December in 14 years. Commenting on consumer spending, Hsieh Ben-chang (???), a statistics professor at Fu Jen Catholic University, said that the plunge in international crude oil prices is expected to give a boost to local consumption. (By Chen Cheng-wei and Frances Huang)


Updated : 2021-09-23 20:03 GMT+08:00