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Consumer confidence has gone up, although the latest Business and Consumer Confidence Survey shows that most Jamaicans still have a dismal outlook on their prospects for employment.
The research findings for the 3rd quarter of the year, were revealed this morning at the Jamaica Chamber of Commerce in Kingston.
Jamaicans seem to be banking on the hope of better economic prospects despite the current realities.
The latest index of consumer confidence showed that it stood at 118.2 for July through to October, up from 104.2 in the corresponding quarter last year.
This is one of the highest levels of consumer optimism that the survey has ever recorded, second only to a surge in expectations that immediately followed the election of the current government.
Businesses have also shown an improved outlook for Jamaica's economy, with 29 percent of firms saying they expect the economy to get better, up from the 18 per cent who said so last year.
But researcher, Don Anderson, says the expectations held by consumers and businesses may not be supported by anything but blind optimism:
“I cant quite pinpoint what are the factors that they are looking to for this improvement in the economy and I’m therefore suggesting, because we have looked at the data and say well can we iden a number of thing which condition this expectation and there is nothing concrete quite frankly, we speculate that, and speculation is not really in the realm of the researcher but in the absence of concrete data, if you find that this is the trend, this is the pattern then you say that it is really a hope rather than a real expectation.”
He added that nearly nine-in-ten Jamaicans still report that jobs are scarce, and the outlook for future job prospects remains flat.
Despite this, 45 per cent of Jamaican householders say they expect higher incomes in the coming year, compared with only 33 per cent who said this in the 3rd quarter of last year.
Consumers also believe their standard of living will go up, but Mr. Anderson says there are no clear factors supporting this expectation.
Meanwhile, the Index of Business Confidence has jumped to 106.3 in the last three months, up from 95.8 in the similar period last year.
http://www.rjrnewsonline.com/local/c...idence-goes-up
The research findings for the 3rd quarter of the year, were revealed this morning at the Jamaica Chamber of Commerce in Kingston.
Jamaicans seem to be banking on the hope of better economic prospects despite the current realities.
The latest index of consumer confidence showed that it stood at 118.2 for July through to October, up from 104.2 in the corresponding quarter last year.
This is one of the highest levels of consumer optimism that the survey has ever recorded, second only to a surge in expectations that immediately followed the election of the current government.
Businesses have also shown an improved outlook for Jamaica's economy, with 29 percent of firms saying they expect the economy to get better, up from the 18 per cent who said so last year.
But researcher, Don Anderson, says the expectations held by consumers and businesses may not be supported by anything but blind optimism:
“I cant quite pinpoint what are the factors that they are looking to for this improvement in the economy and I’m therefore suggesting, because we have looked at the data and say well can we iden a number of thing which condition this expectation and there is nothing concrete quite frankly, we speculate that, and speculation is not really in the realm of the researcher but in the absence of concrete data, if you find that this is the trend, this is the pattern then you say that it is really a hope rather than a real expectation.”
He added that nearly nine-in-ten Jamaicans still report that jobs are scarce, and the outlook for future job prospects remains flat.
Despite this, 45 per cent of Jamaican householders say they expect higher incomes in the coming year, compared with only 33 per cent who said this in the 3rd quarter of last year.
Consumers also believe their standard of living will go up, but Mr. Anderson says there are no clear factors supporting this expectation.
Meanwhile, the Index of Business Confidence has jumped to 106.3 in the last three months, up from 95.8 in the similar period last year.
http://www.rjrnewsonline.com/local/c...idence-goes-up
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