Forty percent of respondents to the Missouri Consumer Mood Survey for October claimed their current financial situation was better than twelve months ago, compared to 23 percent in September. Meanwhile, twenty-three percent of respondents report the financial situation of their household is worse than twelve months ago, down from 39 percent in September.
These results were obtained during the week of October 12 through the Missouri Economic Research and Information Center (MERIC) website, www.MissouriEconomy.org. It should be noted that survey respondents are not drawn from a scientific sample, but instead the Missouri Consumer Mood Survey is intended to be open to the participation of all Missourians each month during the week that contains the 12th.
Like in September, consumers taking the October survey are split on their views of future business conditions of the state, with 36 percent expecting better business conditions in the state in the next twelve months and the rest expecting conditions to worsen or stay the same.
However, Missouri consumers remained wary about the future employment situation, with 75 percent of respondents in October anticipating no improvement in the state's labor markets within the next twelve months.
Unchanged from September, thirty-seven percent of respondents indicated that now was a good time to purchase major household items, with twenty-nine percent planning to purchase a car or other vehicle within the next twelve months, up from 23 percent in September. Only 28 percent had plans to purchase a computer, home theater, or other major electronics, down from September's 36 percent.
The results suggest Missouri consumers in general are still skeptical of economic conditions in the upcoming 12 months, and are likely delaying spending on large items. This is consistent with national consumer confidence surveys. For instance, the preliminary University of Michigan consumer sentiment survey was down in October, indicating consumers nationwide remain cautious in their spending plans and outlook for recovery. Since consumer spending accounts for two-thirds of all economic activity, consumer confidence is a closely watched indicator.
Please return to this website from November 11 to 17 to participate in the Missouri Consumer Mood Survey for November. Starting in November, additional questions of current interest will be asked each month, adding even more insight into the mood of Missouri consumers.
