Forex News – US Consumer Confidence falls to five-month low
September 13, 2013 2:24 pm
After disappointing U.S. Retail Sales data on Friday, the Thomson Reuters/University of Michigan consumer confidence index was released with not so good numbers as the index fell to the lowest in five months. This raises concerns about America’s consumers who seem to be feeling increasingly wary about the economic recovery. The Thomson Reuters/University of Michigan consumer confidence index fell in August from 82.1 to 76.8 this month. The number was less than expected and is also the worst reading since April. The components were down across the board, with feelings about current conditions and the economic outlook both dampening. Meanwhile, consumers are expecting inflation in the near term and down the road to pick up. Survey director Richard Curtin attributed the decline to “growing concerns that higher interest rates will diminish the pace of economic growth as well as job gains.” He added that a “cooling housing market has also affected homeowners’ sense of personal financial progress.” USDJPY dropped after the data, to a low of 99.36 from 99.63 yen before the data was released just before 10am New York time. The pair subsequently steadied around 99.40 a half hour after the data.
After disappointing U.S. Retail Sales data on Friday, the Thomson Reuters/University of Michigan consumer confidence index was released with not so good numbers as the index fell to the lowest in five months.
This raises concerns about America’s consumers who seem to be feeling increasingly wary about the economic recovery.
The Thomson Reuters/University of Michigan consumer confidence index fell in August from 82.1 to 76.8 this month. The number was less than expected and is also the worst reading since April.
The components were down across the board, with feelings about current conditions and the economic outlook both dampening. Meanwhile, consumers are expecting inflation in the near term and down the road to pick up.
Survey director Richard Curtin attributed the decline to “growing concerns that higher interest rates will diminish the pace of economic growth as well as job gains.”
He added that a “cooling housing market has also affected homeowners’ sense of personal financial progress.”
USDJPY dropped after the data, to a low of 99.36 from 99.63 yen before the data was released just before 10am New York time. The pair subsequently steadied around 99.40 a half hour after the data.
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