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17-10-2014, 11:20 PM
US consumer confidence grows further
DOW JONES NEWSWIRES OCTOBER 18, 2014 1:30AM
US consumers feel more confident about the economy in early October, according to a survey of households released Friday. Optimism about the future fuelled the gain.
The Thomson-Reuters/University of Michigan preliminary October sentiment index unexpectedly increased to 86.4 from the final September reading of 84.6, according to a source who has seen the numbers.
The early October reading is above the 84.0 reading forecasted by economists surveyed by The Wall Street Journal.
This month's preliminary current conditions index was unchanged from 98.9 at the end of September. The expectations index increased to 78.4 from 75.4.
Consumers' collective view of the economy has been edging higher since the spring. In early October, falling gasoline prices and better labor statistics likely are offsetting more downbeat events, including the steep drop in stock prices, fears over the spread of Ebola and global economic-slowdown news.
Even so, consumers are still not spending freely. The Commerce Department reported Wednesday that September retail sales fell 0.3 per cent and were down 0.2 per cent when vehicle buying is excluded.
With gasoline prices down, inflation expectations remain well anchored.
According to the Michigan survey, the early October one-year inflation expectations fell to 2.8 per cent from the final September reading of 3.0 per cent. Inflation expectations covering the next five to 10 years remained at 2.8 per cent.
DOW JONES NEWSWIRES OCTOBER 18, 2014 1:30AM
US consumers feel more confident about the economy in early October, according to a survey of households released Friday. Optimism about the future fuelled the gain.
The Thomson-Reuters/University of Michigan preliminary October sentiment index unexpectedly increased to 86.4 from the final September reading of 84.6, according to a source who has seen the numbers.
The early October reading is above the 84.0 reading forecasted by economists surveyed by The Wall Street Journal.
This month's preliminary current conditions index was unchanged from 98.9 at the end of September. The expectations index increased to 78.4 from 75.4.
Consumers' collective view of the economy has been edging higher since the spring. In early October, falling gasoline prices and better labor statistics likely are offsetting more downbeat events, including the steep drop in stock prices, fears over the spread of Ebola and global economic-slowdown news.
Even so, consumers are still not spending freely. The Commerce Department reported Wednesday that September retail sales fell 0.3 per cent and were down 0.2 per cent when vehicle buying is excluded.
With gasoline prices down, inflation expectations remain well anchored.
According to the Michigan survey, the early October one-year inflation expectations fell to 2.8 per cent from the final September reading of 3.0 per cent. Inflation expectations covering the next five to 10 years remained at 2.8 per cent.