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Analysts at Nomura suggest that while US-China trade tensions have recently escalated, US consumer confidence improved further.

Key Quotes

“Conference Board’s consumer confidence index jumped to 138.4 in September, beating expectations (Nomura: 133.0, Consensus: 132.1), from 134.7 prior month. The present situation measure improved to 173.1 from 172.8. The index for future expectations increased sharply to 115.3 from 109.3, suggesting resilience of consumer optimism.”

“Much of the optimism appears to be driven by continued improvement in the labor market. The labor differential index (“jobs plentiful minus hard to get”) inched up to 32.5 from 30.2, highlighting favorable labor market conditions from the perspective of workers.”