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US October consumer confidence 113.8 vs 108.3 expected

US October 2021 consumer confidence data

  • Prior was 109.3
Details:

  • Expectations 91.3 vs 86.6 prior
  • Present situation 147.4 vs 143.4 prior
  • Jobs hard to get 10.6 vs 13.4 prior

There was a 13-year high in short-term inflation expectations. Notably along with that was a rise in intentions to buy big-ticket items. That suggests that people are no longer anticipating prices to retrace.

“Consumer confidence improved in October, reversing a three-month
downward trend as concerns about the spread of the Delta variant eased,”
said Lynn Franco, Senior Director of Economic Indicators at The Conference Board.
“While short-term inflation concerns rose to a 13-year high, the impact
on confidence was muted. The proportion of consumers planning to
purchase homes, automobiles, and major appliances all increased in
October-a sign that consumer spending will continue to support economic
growth through the final months of 2021. Likewise, nearly half of
respondents (47.6%) said they intend to take a vacation within the next
six months-the highest level since February 2020, a reflection of the
ongoing resurgence in consumers’ willingness to travel and spend on
in-person services.”

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