According to the Conference Board, consumer confidence is moving up. The headline number jumped from an upwards revised 101.8 in August to 104.8 now in September. The figure was predicted to drop to 98.1 points.
This is the highest level since 2007. Does this imply a bounce in consumer spending in September? Or even a move higher in the economy throughout the second half of the year? The Fed was disappointed by growth in the first half and is less hopeful for the second half, albeit a bounce is still on the cards. This figure raises the chances for a rate hike in December.
The Current Conditions component is up from 125.3 to 128.5, Expectations is up from 86.1 to 87.4 and “jobs hard to get” is down from 22.8 to 21.6 points.
The US dollar remains mixed after the publication. Clinton’s victory in the presidential debate and the ongoing headline regarding a potential oil deal in Algiers are keeping markets on their feets.
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