U.S. ECONOMICS: RBC On Earlier Consumer Confidence, S&P/Case-Shiller

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U.S. consumer confidence fell to 79.7 in September from 81.8 in the previous month. Market expectations were for a reading of 80.0.

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 conditions.

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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