Consumer Confidence Index (CCI) for December 2024

Consumer Confidence Index® (CCI) for this month (December, 2024) was released by The Conference Board® this morning:

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Predicted: 112.0

• Actual: 104.7

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Previous Month (revised): 112.8

• Change from Previous Month: -7.18% (-8.1 points)
  

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The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...'The recent rebound in consumer confidence was not sustained in December as the Index dropped back to the middle of the range that has prevailed over the past two years,' said Dana M. Peterson, Chief Economist at The Conference Board. 'While weaker consumer assessments of the present situation and expectations contributed to the decline, the expectations component saw the sharpest drop.

Consumer views of current labor market conditions continued to improve, consistent with recent jobs and unemployment data, but their assessment of business conditions weakened. Compared to last month, consumers in December were substantially less optimistic about future business conditions and incomes. Moreover, pessimism about future employment prospects returned after cautious optimism prevailed in October and November.'

Peterson added: 'Consumers became a bit less bullish about the stock market in December: 52.9% expected stock prices to increase over the year ahead, down from a record high of 57.2% in November. Also, 25% of consumers expected stock prices to decline, up from 21.7%. The share of consumers expecting higher interest rates over the next 12 months ticked up to 48.5% but remained near recent lows. The share expecting lower rates eased to 29.3% -- down from recent months but still quite high.'..."

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Every month, The Conference Board sends a questionnaire to 5,000 U.S. households. Survey participants are polled about their feelings regarding the U.S. economy, current and future, and about their own fiscal circumstances. On average, 3,500 participants complete and return the 5-question survey.

• The baseline "100" score for the CCI is associated with 1985 survey data.

When consumers feel good about the economy, they tend to do more spending, and vice versa.

Based in New York City, The Conference Board is a private, not-for-profit organization with a mission to, "create and disseminate knowledge about management and the marketplace to help businesses strengthen their performance and better serve society."

The CCI is usually released on the last Tuesday of the month.

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CHART: Consumer Confidence Index (CCI)
DECEMBER 2024 Update

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• Click here to view the full Conference Board report.

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SCAM ALERT: How to Avoid Banking And Other Trending Scams; Know The Red Flags

From the good folks at Bank of America:

Be Aware Of A Trending Zelle® Payment Scam

Beware of scammers impersonating banks and fraud departments. By spoofing legitimate phone numbers to call or text you, the requests can be very convincing. While Bank of America may send you a text to validate unusual activity, we will never contact you to request that you send money using Zelle® to anyone, including yourself or to share a code to resolve fraud.

Here's What Happens:

• You receive a text that looks like a Bank of America suspicious activity alert.
  
  
• If you respond to the text, you've engaged the scammer and will receive a call from a number that appears to be from a bank.
  
  
• The “representative” or scammer will offer to help stop the alleged fraud by asking you to send money to yourself with Zelle®.
  
  
• Then, they ask you for a one time code you just received from a bank. If you give them that code, they will use it to enroll their bank account with Zelle® using your email or phone number.
  
  
• The scammer now has the ability to receive your money in their account.

Being vigilant is your first line of defense; here's how to help stay protected:

• Don't be pressured to act immediately — this is what scammers want you to do.
  
  
• Don't trust caller ID — it's not always who it says it is.
  
  
• Don't share codes based on a call you receive.

To learn more, watch this educational video layer from Zelle®

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Know The Scams That May Follow A Natural Disaster

Watch out for fake contractors. Following a disaster, unlicensed contractors will canvas the impacted areas promising to get clean up or repairs done quickly. They may ask for payment up front and not show up to do the work, or have you sign a contract that redirects insurance payouts to them and not you.

• Do your research; get multiple quotes for comparison, and make sure the contractors are licensed.
  
  
• Use caution if you're pressured to pay up front for the job or sign over the insurance claim. Contractors may try to offer special deals that seem too good to be true.
  

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CLICK HERE for much more from this
highly informative Bank of America article.

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My Uncle Got Sucked Into A "Home Depot" Phishing Scam

So, I am on WhatsApp, checking out some family conversations, when I receive a message from my uncle.  Message reads:

"The Home Depot 40th Anniversary.  Click to enter to participate in the survey.  Have a chance to win $ 8,000! BeneficialYear.TOP"

Right away, red flags go up.  Looks extremely suspicious, but I click the link anyway, because I want to see what the scam looks like, so that I can warn others.

Here's a capture of the URL, and the page it took me to:

www.FedPrimeRate.com: Phishing Scam Image 1

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When I reloaded the page, I was taken to a totally different URL:

www.FedPrimeRate.com: Phishing Scam Image 2

First of all, if this is a survey from The Home Depot, then why on Earth would I be redirected to 2 different URLs? And why would one of the domain names use a .CN top level name, meaning it's registered in China?

Moreover: all the navigation links don't work, and the same if you try to "up" or "down" vote in the comments section.

As I investigated further, I found that Firefox is aware, and warning folks:

www.FedPrimeRate.com:
Mozilla FireFox Warning
- Deceptive Site Ahead

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Please people: don't forward suspicious messages to friends and family without checking them out.  You could end up doing serious harm to people you care about.

>>>   CLICK HERE FOR MORE SAFETY WARNINGS   <<<

>>>   CLICK HERE for SCAM ALERT: HOW TO AVOID BANKING AND OTHER TRENDING SCAMS; KNOW THE RED FLAGS   <<<

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FRONTLINE: The Power of The Fed

FRONTLINE: The Power of The Fed

>> https://www.pbs.org/wgbh/frontline/film/the-power-of-the-fed/ <<

>> https://twitter.com/FedPrimeRate/status/1455635748217044994 <<

via @frontlinepbs

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www.FedPrimeRate.com - FRONTLINE: The Power of The Fed

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