Consumer sentiment continued to recover in early October
|Consumer sentiment continued to improve in the initial release from the University of Michigan for October. The index remains well-below its pre-virus position, but continued to move in the right direction.
Household Finances: Steady as She Goes
The share of consumers reporting finances were better than a year-ago slipped modestly. But, overall assessments of finances were largely unchanged. Perception of finances will be a key indication of consumption as households grapple with decreased stimulus and increasingly rely on savings.
Perception of buying conditions subsided, as the share seeing now as a good time to buy a major appliance or vehicle fell.
Buying Conditions Wobble, but Housing A Bright Spot
The decline in appliance/vehicle buying conditions is in contrast to the sizeable gains in the separately released September retail sales data for autos and home furnishings this morning, but perhaps is an indication of the coming slowdown in goods spend.
The measure of a good time to buy a home improved to 70, as the housing market continues to be a bright spot. Mortgage rates slipped to an all-time low again this week.
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