US Consumer Sentiment Return Indicates Strong Domestic Demand
Return of the US consumer sentiment to the previous condition suggests strong domestic demand. It also indicates that consumer confidence is also back on the track and it is anticipated that consumer spending will continue to support economic growth that has lowered significantly in past few months.
As per economists estimate the primary consumer sentiment index for October was 89. Consumer expectations were at 82.7, although it is far worse than present conditions, it is better than the 78.2 reading from September and far better than the 79.6 reading from the October 2014 report.
Wall Street is also expecting a slight rebound in confidence to 88.5, up from the final September reading of 87.2. “The rebound in confidence signifies that consumers have concluded that the fears expressed on Wall Street did not extend to Main Street”, said Richard Curtin, the survey’s chief economist.
Millan Mulraine, deputy chief USA macro strategist at TD Securities at the New-York-based arm of the financial services provider TD Securities said in a statement that the rebound in sentiment re-aligns the indicator with strong assessment in the Conference Board consumer confidence report.
Analysts said and are quite confident that the sentiment is strong enough to back the further economic growth and offset losses in trade and manufacturing sector.
US economic growth depends heavily upon consumer sentiment i.e. almost two-thirds of the nation’s economic activity is based on the indicator.
Economists believe that the positive data of household sentiment is directly linked to cheaper gas prices. A recent survey suggested that, consumers haven’t been so optimistic about their financial expectations in more than eight years.
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