US Consumer Confidence: A silver lining for Friday’s NFP? – Wells Fargo

Recent moves in consumer confidence have been only incrementally lower, but this third straight decline puts this barometer 12 points lower than where it was in October last year, explained Wells Fargo analyst. 

Key Quotes: 

“The headline measure for consumer confidence fell slightly to 125.9 in October from an upwardly revised print of 126.3 in September. This is just an incremental move from the prior month, but compared to October of last year, confidence is 12 points lower.”

“The present situation actually improved slightly to 172.3, but remains a few points lower than where it was in August.”

“A silver lining in this report is that the labor differential rose, indicating a growing share of consumers see jobs as being plentiful relative to those that see jobs as hard to get.”