US: Sharp rebound in consumer confidence – Wells Fargo
|Consumer confidence rose by the most in more than 17 years, as expectations of the economy improved, explained analysts at Wells Fargo. They point out confidence remains below its pre-virus level and continued improvement may hinge on additional stimulus.
Key Quotes:
“The consumer confidence index bounced an impressive 15.5 points to 101.8 in September. This marked the largest gain in 17 years. August’s print of a six-year low was also revised higher, leaving confidence in a better position than its April low.”
“Rebounding confidence continues to point to increased spending.”
“With confidence recently mostly driven by higher-income households, confidence may still hinge on additional household stimulus.”
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