Second quarter Tenn. consumer confidence moderates following dramtic rise
MURFREESBORO, Tenn. (WMOT) -- Tennessee consumer confidence leveled off a bit in June following a dramatic rise in consumer sentiment early in the year.
The Middle Tennessee State Office of Consumer Research conducts a consumer outlook survey each quarter. A random sampling of more than 600 residents shows a slight decline in consumer confidence.
Survey director Dr. Tim Graeff says the eleven point drop does not reflect a major shift in consumer sentiment.
“I don’t think it’s any major problem. It’s not necessarily bad news. It’s not necessarily good news. It’s just kind of a ‘meh’ people are just kind of settling in a little bit for the summer.”
Graeff notes that consumer confidence nearly tripled between the final quarter of 2016 and the first quarter of this year. He says that burst of positive sentiment included optimism about both the current and future economies, along with plans for increased spending.
Dr. Graeff says this latest survey shows continued confidence in the current economy and spending, but slightly less optimism about the future economy. He says even that small down note needs to be kept in perspective.
“Even though we see a decrease in optimism about the future in Tennessee, Tennesseans are still much more optimistic than are consumers across the rest of the nation.”
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