The consumer confidence index (CCI) hit its lowest level in eight years last month at 48.95 points, as Taiwanese are becoming increasingly worried about job losses, a survey showed.
In December, the index fell below the 50-point threshold for the first time to 49.13 points.
Last month, it dropped to its lowest level since the survey was first conducted in January 2001.
A score below 100 indicates pessimism, while one between 100 and 200 indicates optimism. The monthly survey is conducted by the Research Center for Taiwan Economic Development at National Central University.
The CCI has fallen for nine consecutive months since May.
DOWN
Among the CCI’s six sub-indices, three — price levels, domestic economic climate and family economic conditions — rebounded last month, but the general index was dragged down by lack of confidence in the stock market, fears of job losses and the purchase of durable goods, such as houses and cars.
The sub-index that posted the largest decline last month was local job opportunities within the next six months, which dropped to 39.3 points, down 6.95 points from the previous month.
“As consumers are pessimistic about their future economic prospects and also worry about losing their jobs, employment confidence… has also fallen to the lowest level in eight years,” the research center said.
DROPS
The sub-index that registered the second-biggest drop last month was investment confidence in the stock market within the next six months, while buying durable goods during the same period ranked third.
The sub-index that reported the biggest rise was domestic price levels within the next six months, which rose to 35.05 points, up 5.65 points from a month ago, which showed that local consumers were no longer worried about inflation.
Last month’s CCI, conducted between Jan. 19 and Jan. 22 among 2,214 adults aged 20 and above, has a margin of error of plus or minus 2.1 percentage points at the 95 percent confidence level.
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