Conference Board Survey Signals Weakest Labor Market Since COVID Lockdowns
After 8 of the last 9 months seeing consumer confidence revised lower, July’s Conference Board data was revised significantly higher (from 100.3 to 101.9)…
Source: Bloomberg
And August’s headline print was considerably better than expected (103.3 vs 100.8 exp) with the expectations gauge adjusted significantly higher for July and higher still in August…
Source: Bloomberg
The Present Situation remains languishing near COVID lockdown lows, which is perhaps explained by the fact that the overall trend in the labor market indicator remains weaker…
Source: Bloomberg
…and purchase plans for homes, cars, and appliances all plunged.
Source: Bloomberg
But some good news is that inflation expectations tumbled back to pre-COVID levels…
Source: Bloomberg
This soft survey data supports The Fed’s dovish stance (if you look hard enough), but given the lack of buying interest, it seems the consumer is more than stretched.
Tyler Durden
Tue, 08/27/2024 – 10:13