ECON: Consumer Confidence Slightly Weaker Than Expected
- Confidence 79.7 vs 79.9 Forecast
- Last month revised to 81.8 from 81.5
- Present Situation 73.2 vs 70.9 previously
- Expectations 84.1 vs 89.0 previously
- 'Jobs Hard to Get' 32.7 vs 33.3 previously
- Market Reaction: Treasuries continue to struggle with a break below 2.68, but move back within striking distance after the weaker data. MBS continue to outperform and are 1 tick higher than previous highs.
The Conference Board Consumer Confidence Index®, which had increased slightly in August, decreased in September. The Index now stands at 79.7 (1985=100), down from 81.8 in August. The Present Situation Index grew to 73.2 from 70.9. The Expectations Index fell to 84.1 from 89.0 last month.
The monthly Consumer Confidence Survey®, based on a probability-design random sample, is conducted for The Conference Board by Nielsen, a leading global provider of information and analytics around what consumers buy and watch. The cutoff date for the preliminary results was September 13.
Says Lynn Franco, Director of Economic Indicators: “Consumer Confidence decreased in September as concerns about the short-term outlook for both jobs and earnings resurfaced, while expectations for future business conditions were little changed. Consumers’ assessment of current business and labor market conditions, however, was more positive. While overall economic conditions appear to have moderately improved, consumers are uncertain that the momentum can be sustained in the months ahead.”