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.”
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