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.”