- The chief economist of the University of Michigan Surveys of Consumers delivers positive news to the retail sector on consumer sentiment into the holiday season.
- "The data indicate a robust outlook for consumer spending that extends the current expansion to at least mid 2018, which would mark the 2nd longest expansion since the mid 1800's," says UofM's Richard Curtin.
- "While the early October surge indicates greater optimism about the future course of the economy, it also reflects an unmistakable sense among consumers that economic prospects are now about as good as could be expected," he adds.
- The measure on current economic conditions soared to 116.4 from September a year ago, while the index of consumer expectations blazed to 91.3 from 84.4.
- The red-hot reading bodes well for retail spending, although pricing pressure in many categories could hold back the dollars generated from the volume gains. Most estimates for 2017 retail holiday sales are falling in the 4.0% to 4.3% range.
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- Previously: Consumer sentiment wallops estimates (Oct. 13)
- Now read: Macy's - A Lack Of Catalysts Keeps Me On The Sidelines
Original article