Closing post
Another week is over! Here’s a quick recap:
The pound is on track for its worst week since January, amid anxiety over the UK economic outlook and the looming autumn budget, and a pick-up in the dollar.
UK salaries almost stagnated last month, new data from KPMG and REC shows, as companies reported weaker demand for workers and reduced hiring budgets. That’s the weakest reading in over four years.
Footfall at UK retailers fell last month, a sign of consumer caution.
The oil price has dropped to a four-month low, as the Gaza ceasefire comes into effect.
The London stock market has been calm, while in the US the Nasdaq has hit another record high.
US consumer confidence flat despite shutdown
US consumer confidence is little changed so far this month, despite the ongoing government shutdown.
The University of Michigan’s index of consumer sentiment, just released, has dipped very slightly to 55.0, down from 55.1 in September.
A measure of Consumer Expectations fell, but the Current Economic Conditions measure increased.
Surveys of Consumers director Joanne Hsu says cConsumer sentiment “moved sideways this month”, adding:
Improvements this month in current personal finances and year-ahead business conditions were offset by declines in expectations for future personal finances as well as current buying conditions for durables. Overall, consumers perceive very few changes in the outlook for the economy from last month.
Pocketbook issues like high prices and weakening job prospects remain at the forefront of consumers’ minds. At this time, consumers do not expect meaningful improvement in these factors.
Meanwhile, interviews reveal little evidence that the ongoing federal government shutdown has moved consumers’ views of the economy thus far.
