US Consumer Comfort Falls After 7 Straight Weekly Gainers

US Consumer Comfort Falls After 7 Straight Weekly Gainers

US Consumer Comfort Falls After 7 Straight Weekly Gainers

$DIA, $SPY, $QQQ, $VXX

Americans’ confidence eased from a 16-year high last week, though relatively high optimism should continue to support spending, according to the Consumer Comfort Index figures released Thursday.

Highlights of Consumer Comfort, Week Ended 3 September

  • Consumer comfort measure fell to 52.6 from 53.3, first decline in eight weeks
  • Gauge of views on the economy declined to 53.9 from 54.4
  • Index of personal finances improved to 59.9, highest since early June, from 59.3
  • Index of buying climate declined to 44.1, a five-week low, from 46.1

The Key Takeaways

Sentiment has been strong in Y 2017, with the best yearly average since Y 2001. That indicates consumer spending, which accounts for 70% of the economy is likely to remain steady.

Most of last week’s decliner came from worsening views on the buying climate, which may be the result of rising gasoline prices after Hurricane Harvey inundated Houston and other parts of the Gulf Coast.

Views continued to diverge along political lines, with the partisan gap favoring Republicans over Democrats by 24.6 points, the biggest difference since the final months of George W. Bush’s (43) Presidency.

Some Other Details

  • Comfort index fell in the Midwest and Northeast; rose in the West
  • Measure dropped to 5-week low for those with a high school degree or less, while it rose slightly to a 16-year high among college-educated Americans
  • Sentiment among part-time workers rose to a 5-week high of 49.9, while it fell among full-time workers and the unemployed
  • Comfort declined for respondents age 35 and older, rose among younger people

Thursday, the major US stock market indexes finished at: DJIA -22.86 at 21786.08, NAS Comp +4.55 at 6397.84, S&P 500 -0.44 at 2466.55

Volume: Trade on the NYSE came in at:786.7-M/shares exchanged

  • NAS Comp +18.9% YTD
  • DJIA +10.2% YTD
  • S&P 500 +10.1% YTD
  • Russell 2000 +3.0% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Bullish (0.33) Bullish (0.40) Bullish (0.31) Bullish (0.29)
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Bullish (0.26) Bullish (0.31) Neutral (0.17) Bullish (0.29)
HeffX-LTN Analysis for QQQ: Overall Short Intermediate Long
Bullish (0.28) Bullish (0.29) Neutral (0.19) Bullish (0.35)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Bearish (-0.35) Neutral (-0.16) Bearish (-0.40) Very Bearish (-0.50)

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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