U.S. consumer confidence fell to 79.7 in September from 81.8 in
the previous month. Market expectations were for a reading of
The current employment differential improved to minus 21.2 from
minus 22.0 in August, its best reading since September 2008, as
consumers were slightly less pessimistic about labour market
In a separate release, the seasonally-adjusted
S&P/Case-Shiller 20-City Composite measure of U.S. home prices
rose 0.6% in July. The annual pace of increase in the unadjusted
index was 12.4% to mark the fastest pace of year over year price
growth since February 2006.
"Despite the modest deterioration in consumer confidence in
September, the measure averaged 80.8 in the third quarter, a
notable improvement over the 75.1 recorded in the second quarter
and the best quarterly level since Q4 2007. The elevated level of
optimism in recent months supports our expectation for continued
growth in real personal consumer expenditure in the current
quarter. Our expectation of continued job growth and rising home
prices supporting household balance sheets should support an
ongoing improvement in consumer sentiment that will continue to
underpin household spending gains and a more robust pace of overall
growth in the economy."
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