Tuesday, September 26, 2017

Harvey, Irma weigh on September US consumer confidence

The monthly decline was less than forecast by analysts,

who said the result actually showed underlying strength in consumer sentiment.
However, some parts of the Conference Board survey showed signs of increasing pessimism.
The  fell 0.6 points to 119.8, reversing two straight months of gains and bringing the level to its lowest point since June, according to the Conference Board.
A consensus forecast had expected the index to fall even further, to 119.4.
"Consumer confidence decreased slightly in September after a marginal improvement in August," Lynn Franco, the board's head of indicators, said in a statement.
"Confidence in Texas and Florida, however, decreased considerably, as these two states were the most severely impacted by Hurricanes Harvey and Irma."
But on the whole, consumer attitudes about current conditions remained "quite favorable," she added, saying that short-term expectations were also bullish.
However,  views of the current situation did darken slightly. The share of those saying conditions were "good" fell 0.6 points to 33.9 percent, while those saying conditions were "bad" rose by the same amount to 13.8 percent.
The short-term outlook also showed some signs of increasing concerns, as the share of those expecting  to worsen rose 1.9 points to 9.9 percent, while those foreseeing an improvement rose just 0.4 points to 20.2 percent.
The hit to  in the -affected zones was pronounced. In Texas, it fell 25.5 points to 119.9. And in Florida, it dropped 8.4 points to 126.7.


Read more at: https://phys.org/news/2017-09-harvey-irma-september-consumer-confidence.html#jCp