By TheStreet.com Staff What Is the Consumer Confidence Index? Why Is It Important?Want to know what drives the markets? Ask consumers how they’re feeling. Consumer sentiment surveys, like the Consumer Confidence Index (CCI), gauge optimism and pessimism and can foreshadow changes in the broader economy. During bull markets consumers feel confident, and thus, consumption increases. But during bear markets, consumers typically feel anxiety and typically don’t spend as much. This can have an effect on sales and lead to cutbacks in production—and if it’s sustained, it can even pave the way for rec…