Consumer Confidence Corrects in October but Remains High
|After surging in September, consumer confidence fell 4.9 points in October. Despite the pullback, confidence remains at levels consistent with consumer spending continuing at a decent clip in the fourth quarter.
Confidence Still High Despite Some Giveback
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Consumer confidence pulled back in October as households felt less upbeat about both their present situation and expectations for the future. That said, at 98.6, confidence remains above its year-to-date average, with consumers' views of their present situation noticeably improved over the past year. The gap between the present and expectations index remains near a cycle high and is consistent with a decent pace of spending.
Income Expectations Rising
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Assessments of the labor market deteriorated a bit in October. The differential between the share of consumers reporting jobs as plentiful minus hard to get fell to a three-month low, but remains at levels consistent with further labor market gains.
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Expectations for stronger income growth should also provide support to spending. The net share of households expecting income to increase verses decrease rose to a 10-month high.
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