US: Consumer confidence to pull back slightly in November – Wells Fargo

Analysts at Wells Fargo point out that US consumer confidence continued its tear in October, rising 5.3 points to 125.9, marking the highest level for consumer confidence since December 2000.

Key Quotes

“The Consumer Confidence Index measures the breadth of confidence rather than its magnitude. The 24.9 percent rise over the past year means more consumers are feeling optimistic about the economy than one year ago. Over this period, consumers’ assessment of the present situation has risen 22.7 percent, while their expectations for economic conditions over the next six months has risen 26.9 percent. This suggests consumers feel more optimistic about the current state of the economy and its future prospects.” 

“We expect consumer confidence to pull back slightly in November but to remain near cycle-high levels.”