The Conference Board released a number for consumer confidence in September that was a big surprise to most. Thomson Reuters consensus estimates pegged the number at 96.0, while Dow Jones anticipated the number to be 96.5. However the number came in at 103.0.
The September reading is seven points over the consensus and three points over the top estimate. The gain is centered in the present situation component, which hints at ongoing strength in the labor market and immediate strength in consumer spending.
The present situation jumped more than five points to 121.1 which is, far and away, the best reading of the recovery, since September 2007.
Most analysts expected the number to fall back as opposed to reaching its current level. The previous level for consumer confidence in August was 101.5, which was revised to 101.3. The reason behind these less-than-favorable expectations was the huge market pullback that has been seen over the course of September.
Previously, the consumer confidence report showed odd strength in August for a 10.5 point surge, boosted especially by unusual strength in the assessment of current job conditions.
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