CB Consumer Confidence improves US economic growth forecast

by JustForex

Consumer confidence in the US rose in January as Americans became more optimistic about the outlook for the economy and labor market amid expectations of a further bailout. The Conference Board sentiment index rose slightly to 89.3 from a revised one of 87.1 in December. The average forecast in a survey of economists assumed a value of 89.0.

Expectations rose to a three-month high of 92.5, while sentiment indicator fell to 84.4 for current conditions, the worst value since May. While the core consumer confidence indicator has risen slightly, it remains well below the level when the pandemic has started. But consumers foresee an improvement in conditions in the not-too-distant future.

The number of Americans who said it is difficult to find jobs at the moment has risen to its highest level since May, highlighting the volatility of the labor market. More than 2/3 of the respondents believe that their income will remain unchanged in the next six months. The remaining 1/3 were evenly divided regarding the question of whether their wages will rise or fall.

The market actually ignored the data from the Conference Board. The dollar index remained in its weekly range. The stock market continues to consolidate near the set record values. Treasury yield is stable at 1.040%. Investors are awaiting the results of the Fed meeting today, which will be published at the end of the American trading session.

Main market quotes:

S&P 500 (F) 3,838,38 -4,12 (-0.11%)

Dow Jones 30,937,04 -22,96 (-0.07%)

DAX 13,829,90 -41,09 (-0.30%)

FTSE 100 6,624,43 -29,58 (-0.44%)

USD Index 90,188 +0,040 (+0.04%)

• – Australia CPI (q/q) (4 q.) at 02:30 (GMT+2);
• – Durable Goods Orders in the United States (m/m) (Dec) at 15:30 (GMT+2);
• – US crude oil reserves at 17:30 (GMT+2);
• – Fed Interest Rate Decision at 21:00 (GMT+2);
• – Fed press-conference at 21:30 (GMT+2).

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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