US: Consumer confidence still remains well-below its pre-virus level, but moving in the right direction – Wells Fargo
|The Consumer Sentiment Index from the University of Michigan rose in September, to 78.9, the highest level since March. Analysts at Wells Fargo noted perceptions about the economy improved, but they warn confidence still remains well-below its pre-virus level.
Key Quotes:
“Both current conditions and expectations improved. Notably, just 16% of consumers, the smallest proportion since 2015, expected the economy to worsen over the next year.”
“Sentiment remains way-below its pre-virus level, but notably it hasn’t tested the lows visited in the aftermath of the 2008-crisis.”
“Perception of finances were influenced by declining incomes, with more respondents reporting an income decline rather than gain for the first time since 2014.”
“With much hand-wringing over if dwindling stimulus would weigh on spending, perceptions of finances clearly took a hit, but overall sentiment remains buoyant.”
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