Port Washington, N.Y. The NPD Group’s Economy Tracker report, released Tuesday, has found that consumer attitudes toward the economy and intentions to shop are at their lowest point since last October. However, consumers’ concern for job security appears to be leveling off, which could mean they are preparing to spend again.
The monthly Economy Tracker report measures consumer concerns regarding the economy on a scale between 0 and 100, with 0 being “Very Concerned” and 100 being “Very Confident.”
In February, the Economy Tracker’s General Economic Perception indicator fell to 36.7, from 38 in October.
Outside of a slight lift in January, the indicator has moved steadily downward since October, the first month of reporting.
Mirroring consumer concerns about the economy was a decline in consumer-shopping intentions.
Despite consumers’ fading confidence in the economy in general, NPD did find evidence of a potentially positive sign in the leveling off of consumers’ concern regarding job security.
According to Marshal Cohen, chief industry analyst, The NPD Group, “Of all the data I look at, this measure provides one of the best indications of how consumers are going to behave. February’s results show consumers feeling better on this front and could signal consumer stabilization, a point at which consumers catch their breath, reassess and prioritize their purchase needs in preparation to begin spending again. Stabilization is a pre-cursor to growth.”