- Consumer Confidence for October fell to 95.6 versus estimates of 99.0 and a reading of 99.5 in September.
BOTTOM LINE: Consumer confidence fell more than expected in October, Bloomberg reported. However, the present conditions component of the index, which measures Americans’ perception of their current financial situation, remained high at 118.8 versus the 20-year average of 113.2. I still expect consumer confidence to move back towards cycle highs over the intermediate-term as housing fears subside, interest rates remain low, inflation decelerates further, gas prices decline, unemployment remains historically low, wages continue to significantly outpace inflation and stocks rise further.
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