WASHINGTON (MarketWatch)
A gauge of consumer sentiment fell this month to the lowest reading in almost two years, according to Friday reports
The preliminary November reading of the University of Michigan/Thomson Reuters consumer-sentiment index hit 72 - the lowest since December 2011 - from a final October reading of 73.2 Economists had expected the gauge to rise to 75 in early November, partially offsetting an October drop that was driven by the government's shutdown
A gauge of consumer sentiment fell this month to the lowest reading in almost two years, according to Friday reports
The preliminary November reading of the University of Michigan/Thomson Reuters consumer-sentiment index hit 72 - the lowest since December 2011 - from a final October reading of 73.2 Economists had expected the gauge to rise to 75 in early November, partially offsetting an October drop that was driven by the government's shutdown
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WASHINGTON (MarketWatch) — A gauge of consumer sentiment fell this month to the lowest level in almost two years, surprising economists who had expected sunnier views now that the government shutdown is over, according to data released Friday.
Bloomberg
Shoppers pay for items at a Macy's Inc. store in November 2012.
The preliminary November reading of the University of Michigan/Thomson Reuters consumer-sentiment index hit 72 — the lowest level since December 2011 — from a final October reading of 73.2.
Economists watch that indicator to get a feeling for consumer spending, which is the backbone of the economy, and don’t like to see declines heading into the holiday season. Wall Street had expected the gauge to rise to 75 in early November, partially offsetting October’s drop that was driven by the government’s shutdown.
ECONOMY AND POLITICS | @MKTWEconomics
October job gains trounce expectations
These charts show nonfarm employment picking up in October,while the headline unemployment rate ticked up, likely showing the impact of the government’s shutdown.
• U.S. economy adds 204,000 jobs in October
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• Temporary layoffs spike 448,000
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“Uncertainty around the government shutdown and fiscal fights over the debt ceiling could still be affecting consumers’ optimism even after the temporary agreement was reached,” said Yelena Shulyatyeva of BNP Paribas in a note to clients.
According to Reuters, November’s sentiment decline was driven, in part, by lower-income households that were concerned about jobs. And consumers remained downbeat on the government, which they see as getting in the way of economic progress.
“We believe that the lack of vigor in the Michigan confidence indicator suggests that the next budget fight slated for early 2014 may already be weighing on consumers’ moods,” wrote Gennadiy Goldberg, U.S. strategist at TD Securities.
According to Reuters, the gauge of consumers’ views on current conditions declined to 87.2 in November from 89.9 in October.
The consumer-expectations barometer ticked down to 62.3 from 62.5.
Fed’s Lockhart calls policy outlook murky
Data will be less reliable through December, Atlanta Fed chief says
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Fed's Lockhart: Jobs improving but not satisfied
U.S. generates 204,000 jobs in October
U.S. unemployment rate rises to 7.3% from 7.2%
U6 jobless rate climbs to 13.8 % from 13.6%
October average hourly wages up 2 cents to $24.10
October average workweek unchanged at 34.4 hours U.S. consumer spending rises 0.2% in September
Nóminas Privadas no Agrícolas 212K 125K 150K
Índice Economy Watchers 51.8 54.2 52.8 JAPAN
Índice de la industria terciaria (MoM) -0.2% 0.2% 0.6% JAPAN
JPY Baja Confianza de los consumidores domésticos 41.2 46.3 45.4
IPC Aleman (MoM) -0.2% -0.2% -0.2%
EUR WPI Aleman (MoM)
-1.0% -0.3% 0.7%
IPC Italiano (MoM) -0.2% -0.3% -0.3%
IPC de Portugal (YoY) -0.2% 0.1% 0.1%
WASHINGTON (MarketWatch) -- Small-business optimism dropped in October after the government shutdown, a trade group said Tuesday. The National Federation of Independent Business's small-business optimism index dropped to 91.6 in October from 93.9 in September, the lowest reading since April, with seven of the ten components negative. The biggest drop came from those who expect the economy to improve, which dropped 7 percentage points to a net negative 17%. The average value of the small-business optimism index since the recovery started is 91, which is 8 points below the thirty-five year average through 2007
Índice de precios de alimentación (MoM) -1.0% 0.0%
JPY Peticiones de maquinaria subyacente (MoM) -2.1% -1.4% 5.4%
JPY Baja CGPI Índice de Precios de Bienes Corporativos (MoM) -0.1% -0.2% 0.3%
WASHINGTON (MarketWatch) - Federal Reserve Chairman Ben Bernanke said Wednesday he had hoped the economy would be in better shape when he left office. "I wish I was leaving with the unemployment rate at 5% instead of 7%," Bernanke said. "But we have done a good bit to support this recovery, and it is important that we continue to provide the necessary support," he said at a town hall meeting with teachers. Bernanke's term expires at the end of January. Janet Yellen will go before the Senate Banking panel on Thursday for her nomination hearing
WASHINGTON (MarketWatch) - The consumer confidence index fell in November to 70.4 from 71.2 from in October, as Americans grew somewhat more worried about future employment and income prospects, the Conference Board said Tuesday. Economists polled by MarketWatch had expected the index to rise to 71.2. The future expectations index slipped to 69.3 from 72.2, while the present situation index dipped to 72.0 from 72.6. "When looking ahead six months, consumers expressed greater concern about future job and earning prospects, but remain neutral about economic conditions," said Lynn Franco, director of economic indicators at the Conference Board. "All in all, with such uncertainly prevailing, this could be a challenging holiday season for retailers.
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