Citizens Business Conditions Index™ Rises in Q4
30 Janeiro 2024 - 11:01AM
Business Wire
Resilient labor market supports momentum into
2024
The national Citizens Business Conditions Index™ (CBCI) rose to
51.8 in the fourth quarter, supported by continued resilience in
the labor market and consumer trends. The second consecutive
quarterly reading above 50 indicates that the economy exited 2023
with momentum as signs of moderating inflation support optimism for
a soft landing.
While applications for new businesses were slightly softer
during the period, solid employment trends, particularly in Local
Government and Healthcare, contributed to improving economic
conditions in the fourth quarter. Citizens’ proprietary data on
client revenue also remained strong across most industries.
Healthcare and Consumer Services were once again among the top
sectors, while the Basic Materials and Energy sectors faced
headwinds during the period.
“The U.S. economy is entering 2024 on solid footing as the labor
market has remained resilient and inflation has showed signs of
normalizing,” said Eric Merlis, managing director and co-head of
global markets at Citizens. “Moving forward, all eyes will be on
the Fed and the timing and pace of rate cuts in the year ahead. We
are working closely with our clients to help them navigate these
changing circumstances and take advantage of them.”
The underlying components of the Index showed a moderate
improvement in the business environment during the fourth quarter.
Two of the five components provided a boost to the Index, while two
were neutral and one weighed on the reading.
- Solid employment trends, as measured by initial jobless claims,
were a tailwind.
- The ISM non-manufacturing component remained expansionary as
consumers continued to spend on travel and recreational
services.
- The revenue data of Citizens Commercial Banking clients varied
across regions as businesses in some geographies faced
idiosyncratic headwinds during the quarter.
- New business applications were marginally lower but remain
elevated.
- The ISM manufacturing component was contractionary for the
fifth consecutive quarter.
Overall, the fourth quarter CBCI revealed a business environment
that is reverting toward its long-term growth trend. While
operating conditions remain mixed, the reading provides an
optimistic starting point for 2024.
“The fourth quarter CBCI shows a business environment that
continued to improve despite ongoing challenges in the macro
environment during the period,” said Merlis. “Citizens’ middle
market and mid-corporate clients have remained resilient and, as we
head into 2024, the tailwinds continue to be stronger than the
headwinds.”
Citizens is a trusted strategic and financial adviser,
consistently delivering clear and objective advice. The Citizens
approach puts clients first by offering great ideas combined with
thorough market knowledge and excellent execution, to help our
clients enhance their business and reach their potential. For more
information, please visit the Citizens website.
About Citizens Financial Group,
Inc. Citizens Financial Group, Inc. is one of the
nation’s oldest and largest financial institutions, with $222.0
billion in assets as of December 31, 2023. Headquartered in
Providence, Rhode Island, Citizens offers a broad range of retail
and commercial banking products and services to individuals, small
businesses, middle-market companies, large corporations and
institutions. Citizens helps its customers reach their potential by
listening to them and by understanding their needs in order to
offer tailored advice, ideas and solutions. In Consumer Banking,
Citizens provides an integrated experience that includes mobile and
online banking, a full-service customer contact center and the
convenience of approximately 3,200 ATMs and approximately 1,100
branches in 14 states and the District of Columbia. Consumer
Banking products and services include a full range of banking,
lending, savings, wealth management and small business offerings.
In Commercial Banking, Citizens offers a broad complement of
financial products and solutions, including lending and leasing,
deposit and treasury management services, foreign exchange,
interest rate and commodity risk management solutions, as well as
loan syndication, corporate finance, merger and acquisition, and
debt and equity capital markets capabilities. More information is
available at www.citizensbank.com or visit us on X (formerly
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version on businesswire.com: https://www.businesswire.com/news/home/20240130039876/en/
Frank Quaratiello 617.543.5810
frank.quaratiello@citizensbank.com
Citizens Financial (NYSE:CFG)
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