US Consumers Fail To See Silver Lining
In yet another piece of pessimistic economic data, consumer confidence in the world’s largest economy has dropped to the lowest level in 2 years. Plunging through market estimates, confidence survey readings declined to a reading of 39.8 – versus expectations of 46.1. The October reading, according to the Conference Board, fell below September’s revised 46.4 showing as consumer concerns over employment and housing continue to dampen any possible silver lining in the US economy.
The report findings match additional reports on the state of the economy – manufacturing and consumer retail sales.
National manufacturing surveys have matched regionally reported slowdowns, with the most recent being the Richmond manufacturing report. According to the Federal Reserve Bank of Richmond, manufacturing activity in the region remained low with a reading of -6, matching September’s -6 print. This is the fifth decline in the survey in six months. The figure is far below estimates – with many analysts expecting a slight turn around in October. The report’s findings match other softer regional reports like the Empire State manufacturing report and does not bode well for a sector that continues to serve as the backbone of any US economic recovery.