California consumers are more confident about their economic future, but are still wary on pulling the trigger on purchasing big-ticket items, a Chapman University survey found. Chapman’s third-quarter California Consumer Confidence Index rose to 94.2, up from a revised 89 for the second quarter, the Modesto Bee reported.
Californian consumers are only mildly optimistic about current conditions, with the outlook for the current economic situation nosing up to 86.8 from 80.9 in the second quarter. However, third quarter future expectations climbed to 105.6 from 93.6, the Orange County Register reported.
Despite three months of positive job growth in California and increasing optimism, current spending plans actually dropped. Chapman University reported that the index’s current spending plans dropped from 96 to 86.1. High gas prices, the average in California is $4 a gallon, is one of the factors being blamed for the relative pessimism in spending, the Los Angeles Times reported.
The California Composite Index of Consumer Confidence has hovered between 80 and 90 since early 2010, since the survey began in 1994 the lowest measured result was 57.6 in the second quarter of 2008. The increase has some economists speculating about that consumers’ attitudes towards the California job market have improved, the Palm Springs Desert Sun reported.