Con­sumer con­fi­dence in US de­clines as job per­cep­tions shrink

The Myanmar Times - - International Business -

CON­SUMER con­fi­dence in the United States de­clined in Oc­to­ber fol­low­ing suc­ces­sive gains in the prior two months, ac­cord­ing to Con­fer­ence Board fig­ures. The Board’s con­sumer con­fi­dence in­dex fell to 98.6, down from Septem­ber’s down­ward re­vised re­sult of 103.5. An­a­lysts had fore­cast the in­dex to drop to 100.8.

“Con­sumers’ as­sess­ment of cur­rent busi­ness and em­ploy­ment con­di­tions soft­ened, while op­ti­mism re­gard­ing the short-term out­look re­treated some­what,” Lynn Franco, the board’s head of eco­nomic in­di­ca­tors, said in a state­ment.

“How­ever, con­sumers’ ex­pec­ta­tions re­gard­ing their in­come pros- pects in the com­ing months were rel­a­tively un­changed. Over­all, sen­ti­ment is that the econ­omy will con­tinue to ex­pand in the near-term but at a mod­er­ate pace.”

Those say­ing busi­ness con­di­tions were “good” fell slightly from 27.7 per­cent to 26.2pc but those say­ing cir­cum­stances were “bad” rose from 15.8pc to 17.7pc. Views on the labour mar­ket also dimmed, with the share of those be­liev­ing jobs were “plen­ti­ful” fall­ing to 24.3pc from 27.6pc.

The per­cent­age of con­sumers who said they be­lieved busi­ness con­di­tions would im­prove over the next six months was 1 point lower at 16pc, ac­cord­ing to the sur­vey. –

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