The Consumer Confidence Index is at its highest since the first quarter of 2012.
The Jamaica Chamber of Commerce, JCC, released its business and consumer confidence report for the second quarter of 2018, yesterday.
According to the JCC, at the heart of the increased confidence is consumers’ views on current and future business conditions and current and future jobs. But, the JCC says while consumers’ confidence in business and job prospects increased, they were not as confident that they would benefit.
According to the report, 45-percent of respondents expected an increase in income in the second quarter, down from 53-percent in the first quarter of the year.
It says consumers’ current assessment of the economic conditions increased. But, the JCC says their expectations for the future remain unchanged.
For job expectation, 37-percent of consumers were more likely to have a positive outlook for job prospects.
In the meantime, the business confidence index increased in the second quarter of 2018, nudging closer to its peak in early 2016.
Expectations for economic growth are the main driver of the increase.
According to the JCC, 16-percent more firms than last quarter, expect an improved economy.
It says crime and its associated costs continued to top the list of factors that could make or break these plans.