Wednesday, 29 September 2010

Consumer confidence falls in US, rise in Germany and Italy

US consumer confidence fell in September. Bloomberg reports:

Mounting gloom over the outlook for jobs and wages caused American consumers to lose confidence in September, indicating spending will take time to recover.

The Conference Board’s sentiment index declined to 48.5 this month, lower than the median forecast of economists surveyed by Bloomberg News and the weakest level since February, according to figures from the New York-based private research group today. Another report showed home prices cooled, hurt by a slump in sales following the end of a government tax incentive.

Consumers in Europe, though, appear undeterred by economic uncertainty.

Reuters reports that UK retail sales surged in September at the fastest pace in 6 years.

Retail sales unexpectedly shot up in September at their fastest pace in six years, a survey showed on Tuesday, as consumers splashed out on new clothes, shoes and furniture.

The CBI's monthly distributive trades survey's reported sales balance jumped to +49 in September from +35 in August, the highest reading since May 2004. Analysts had forecast +25.

There were similarly positive reports from the euro area, according to Reuters.

Consumer sentiment in Germany and Italy brightened and French consumer spending rose during the summer, data showed on Tuesday, suggesting the recovery in core euro zone states may hold up better than expected in the second half...

The GfK consumer sentiment indicator, based on a survey of 2,000 Germans, rose to 4.9 for October from an upwardly revised 4.3 for the previous month, the Nuremberg-based group said...

ISAE's confidence index [for Italy] rose to 107.2 in September from an unrevised 104.1 in August, beating all forecasts in a Reuters poll of 15 analysts that pointed to 104.0...

French spending in August dropped 1.6 percent on the month after a surprise 2.7 percent surge in July, which was driven by a sharp increase in spending on textiles and leather goods, thanks to summer sales events.

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