US Consumer Confidence: Buying conditions wobble, but housing a bright spot – Wells Fargo
|Data released on Friday, showed the Consumer Confidence Index (preliminary) measured by the University of Michigan, rose modestly to 81.2 in October. The index remains well-below its pre-virus position, but continued to move in the right direction, explained analysts at Wells Fargo.
Key Quotes:
“The share of consumers reporting finances were better than a year-ago slipped modestly. But, overall assessments of finances were largely unchanged.”
“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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