US Consumer Confidence: Moderation but still supportive of spending - Wells Fargo
The US Consumer Confidence index dropped to 128.1 in December. According to analysts at Wells Fargo, it reflects a downshift from the euphoria earlier this year, but one that is still high and ought to be supportive of spending as the year winds down.
“The Conference Board’s measure of consumer confidence slipped to 128.1 in December as choppiness in financial markets dominated financial news headlines throughout the month. While this bellwether for consumer spending may have come off the boil, confidence remains historically quite high. At least through the end of the year, we expect that bright sentiment will translate into a solid finish for retailers and holiday sales.”
“Amid the tightest labor market in years, only 11.6% of consumers feel that jobs are hard to get. Meanwhile, 46.2% feel that jobs are plentiful; that is a touch below the highest proportion of consumers who have felt that way since 2001.”