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According to analysts from Wells Fargo,  today’s Consumer Confidence reading from the University of Michigan Survey of 100.1 reflects a slight downward revision from the September estimate and is a somewhat less euphoric take than another key measure.

Key Quotes:  

“Today’s read on sentiment from the University of Michigan survey reflects a downward estimate from the initial read and a level that does not surpass highs hit earlier this year or even earlier in the prior expansion.”

“Consumer sentiment is still historically quite high and is consistent with steady consumer spending growth.”

“A greater share of consumers feel that it is currently a better time to sell a house than it is to buy one. That has been the prevailing sentiment for the past nine months. This happened late in the prior cycle too, about a year and a half before the housing bubble burst and “good time to sell” measure plummeted.”