Consumer confidence unexpectedly drops in October, House market in the US on an
Posted by bernetinternational on October 30th, 2019
Recent reports suggest that U.S consumer confidence has fallen short in October dropping to the lowest level since June of this year. The fall has been driven by the concerns over the short term outlook for business conditions and the labor market according to reports from the Conference Board.
The Conference Board’s consumer confidence index saw a decline to 125.9 in October, from September’s positive trend revised reading of 126.3, missing analysts’ expectations for a rise to 128.0. The firm’s subindex tracking consumers’ current assessments of business and labor market conditions improved slightly for October, to 172.3 from 170.6. However, consumers’ outlooks for future conditions declined by 1.9 points to 94.9.
Despite the lower levels for October confidence levels remain relatively high based on historical data, and there are currently no major indications that consumers will hold their holiday spending.
In the housing sector, pending home sales jumped 1.5% in September, which marked a second consecutive month of gains, based on reports from the National Association of Realtors. This has exceeded analyst expectations, who estimated that we would see a rise of just 0.9%. The results from the firm, has extended a trend of an improving housing market, as lower mortgage rates favor buyers and builders. Alongside these statistics, the S&P Case Shiller national home price index showed a marked acceleration in home price increases in August for the first time in the last 16 months, with the index seeing an incline of 3.2% annualized in August after seeing increases of 3.1% in July.
MasakoHekima – Bernet InternationalAlso See: Consumer Confidence, Labor Market, Home Price, Bernet International, October, Market, Confidence
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