November CCI hits record high

The consumer confidence index for November reached a 14-month high after the unexpected rapid collapse of the anti-government rally by the Pitak Siam group, according to the economic and business forecasting centre at the University of Thai Chamber of Commerce.

The centre's director, Thanavath Phonwichai, said the quick, peacefull end of the rally had boosted the confidence of the consumers.

Mr Thanavath said the centre surveyed  2,247 people in reaching its conclusion.  Details about when the poll was carried out and where the respondents were interviewed were not reported.

He said the consumer confidence  index rose to 79.1, from 77.8 reported in October. It was the highest figure since the great flood late last year.

The future CCI index stood at 85.0, up from 83.6 reported in October survey, boosting confidence in the overall economy to 68.1, he added.

As a result, the confidence in job opportunity rose to 71.2, from 69.8. The confidence in futures income also went up to 96.8, from 95.3, said the director.

Consumer confidence was boosted by the peaceful end of the anti-government protest at the Royal Plaza on Nov 24, amid fears it would be prolonged, and the government’s announcement that it would implement its 300 baht wage policy nationwide in Jan 1 as planned, he said.

The central bank's decision to keep the repurchase rate unchanged at 2.75% and the 15.6% export expansion in October also boosted consumer confidence, he added.

The negative factors included the National Economic and Social Development Board’s move to cut its growth projection for the year to 5.5%, from the previous forecast of 5.5-6%, people concerns over possible political rallies in the future and the impact of global economic crisis.

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