US: Consumer sentiment weakens ahead of elections - Wells Fargo
|Analysts from Wells Fargo, point out that today’s report of Consumer Confidence from the University of Michigan shows consumers more cautious about the outlook.
Key Quotes:
“The University of Michigan’s Consumer Sentiment index fell 4.0 points to 87.2 in October. Both the current economic conditions and expectations series declined during the month, with expectations falling 5.9 points.”
“Consumer sentiment fell 4 points in October, with most of the drop evident in the preliminary reading. The mid-month reading had shown a 3.3 point drop, with the decline concentrated in the expectations series. The 0.7 point drop since mid-October, however, came from current conditions.”
“Expectations fell 5.9 points in October, with the economic outlook for the next 12 months tumbling 13 points to 91 and the outlook for the next five years sliding 11 points to 90. More than half of consumers now expect a recession in the next five years, which is the first time this has happened since October 2014.”
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