State Consumers Still Cautious

California consumers remain cautious about the economy amid persistent high energy prices, steep housing costs and higher overall inflation, according to an index released Monday.

Chapman University in Orange said its California consumer sentiment index rose slightly to 80 in the fourth quarter from 79.5 in the third quarter. But it was the third consecutive quarter that the index value was below 100, reflecting a higher percentage of pessimistic consumers.

“Clearly the recent decline in gasoline prices and relatively positive economic news did not help rebound consumers’ confidence,” the report said.

However, the part of the index measuring consumers’ planned spending on big-ticket items rose to 97.6 in the fourth quarter from 88.9. That suggests an improving outlook for spending in the holiday season, the report said.

Chapman’s index, launched in 2002, is similar to the University of Michigan’s monthly national survey of consumer sentiment.

The University of Michigan survey stood at 81.6 in November, consistent with the Chapman survey. But the U.S. index rose from an October reading of 74.2, while the California measure barely budged.