Consumer sentiment has plateaued in the past three weeks, marking an extended halt to its record-breaking advance since the start of the year.
At 54.6 on its 0-100 scale, the weekly Consumer Comfort Index roughly matches its pandemic high of 55.0 two weeks ago and last week’s 54.4. That marks a halt from a 10.6-point gain from the start of the year to April 25, the CCI’s steepest advance in the first four months of any year in ongoing data since 1986.
The pause in the CCI’s recovery aligns with the disappointing April jobs report, with lower-than-expected job growth.
In all, the index has gained 19.9 points from its nearly six-year low last May, recovering more than two-thirds of its total pandemic losses in a little more than 11 months. It’s still 8.4 points short of its pre-pandemic level and 12.7 points off its 20-year high in January 2020.
Each of the CCI’s component measures is standing pat. The personal finances subindex is steady at 66.9, matching its pandemic peak for the fourth time in the past month. The national economy subindex, at 48.0, is very near its pandemic peak of 49.0 two weeks ago, and the buying climate subindex, at 48.8, is essentially unchanged from its pandemic peak of 49.2, also two weeks ago.