US: Recent loss of momentum doesn't bode well for consumption – Wells Fargo – by MSalordFX UnitedStates ConsumerConfidence Banks
“The third consecutive monthly decline in consumer confidence to 95.7 in July came with somewhat unsettling developments in the details, with the present situation index falling by the most in 12 months and the expectations component hitting its lowest since 2013.”
“Most data in the July confidence report moved in the wrong direction. While lower confidence does not always lead spending lower, the recent loss of momentum doesn't bode well for consumption. It's the directional move and rate of change in confidence that is more important than the absolute level, and the overall consumer confidence index is now 12.9 points lower than where it was just three months ago. That sharp move lower may provide an added headwind to spending.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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