Data released today showed another decline in the Consumer Confidence Index. According to analysts from Wells Fargo, the overall level still remains high, but the weakening trend does not bode well for consumer spending to offer the same lift this year as it did in 2018.
Key Quotes:
“Consumer confidence slipped to 120.2 in January amid a volatile stock market and the government shutdown. The euphoria that characterized consumer confidence as recently as October has clearly given way to a more measured optimism.”
“A still-strong job market can help consumers get their groove back. Respondents finding jobs plentiful rose in the month, but sadly so did the share finding jobs hard to get.”
“As the calendar flips to 2019, we expect consumer spending to keep growing, but at a slower pace.”
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