Consumer confidence in the D.C. area rose

Consumer confidence in the D.C. area rose seven points between the end of last year and April, according to the Greater Washington Board of Trade's Consumer Confidence Index.

A scientifically selected sample of more than 1,200 local consumers were surveyed in late April.



The Board of Trade’s index, which moved from 49 in December to 56 in April, measures consumer perceptions of the economic situation now and their perceptions of where things are headed in the next six months.

D.C. and Maryland counties experienced the biggest rise in consumer confidence since December, up eight points, followed by counties in Northern Virginia, up three points.

The index is highest in D.C. (59), second highest in Northern Virginia (56) and lowest in suburban Maryland (54).

“The employment situation is still tough for many area consumers,” said Jim Dinegar, president and CEO of the Board of Trade. “It is still hard for many residents to find jobs and meet their economic needs, but it is very encouraging to see consumer confidence rising. It is also good to see that expectations for the future are considerably more positive than they were in December.”

Unemployment in the D.C. area dropped slightly in March, inching down to 5.9 percent, but still way up from 3.3 percent in March 2008, according to the Bureau of Labor Statistics.

Other key findings from the survey:

• Expectations for the future are much higher (72) than perceptions of where things are now, at 39.

• Area consumers between the ages of 30 and 49 have the highest level of overall consumer confidence (58) and consumers 18 to 29 have the lowest (51).

• Positive perceptions of the area's economy (41 percent) are over three times greater than positive perceptions of the national economy (14 percent).

• Nearly four out of every five workers in the region expects their employment to continue during the next six months “as it is now.” Additionally, 15 percent expect to receive promotions.

• Despite the past six months of economic turbulence, 43 percent say their salaries were either increased or supplemented by bonuses or added benefits. Only 13 percent of respondents said their salaries decreased.

• The ends of the income spectrum – those making under $50,000 and those over $150,000 – took the biggest salary hits. Each group said their salaries decreased 17 percent, compared to 12 percent of those making between $50,000 and $100,000 and 10 percent of those making between $100,000 and $150,000.



Payam Bakhaje
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