Latest survey shows DC Region consumers are in a wait and see mood

Latest survey shows DC Region consumers are in a wait and see mood

Consumer confidence in the D.C. region has remained virtually unchanged over the past six months, according to the results of the Greater Washington Board of Trade Mid-Year Consumer Confidence Survey.

The Index rose only two points since the last survey in November 2009. (The surveys margin of error is +/- 2.83.)

Concern about the employment market is the main culprit, according to the survey, with 61 percent of the respondents saying that jobs in the area are scarce and hard to find.

When asked about the future, half the respondents predict that the job market will either stay the same or get worse over the next six months.

Consumer confidence in our region has barely moved since last November, indicating that there is growing trepidation in the economy, said Jim Dinegar, president and CEO of the Greater Washington Board of Trade. There have been too many disruptions to the recovery to give people confidence through the recession, but confidence will return.

The percentage of consumers saying it is a good time to make major purchases has remained the same as it was in November 2009, at 43 percent.

Survey data indicate that homeowners in the D.C. region are a little less optimistic about home values rising over the next six months, dropping from 33 percent to 30 percent.

In contrast to the Greater Washington Board of Trades Consumer Confidence Survey, the Business Outlook Survey, which is based on a survey of the regions business executives, jumped a hefty 15 points, from 68 to 83, between December 2009 and April 2010.