Consumer Confidence Hits Highs Just in Time for Shopping Season
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With confidence at a four-and-a-half-year high, U.S. consumers remains a bright spot in the global economy. According to data release today, the November consumer confidence index reached 73.7, ahead of already relatively lofty October confidence reading of 73.1. Analysts were calling for an in-line reading of 73.
Consumer confidence is generally linked to consumer spending, and the numbers are consistence with hints on early Holiday spending trends in the U.S., which may bode well for retail stocks such as Abercrombie & Fitch Co. (NYSE: ANF), Macy’s (NYSE: M), and a number of related stocks – pretty much any company that would gain as wallets inch open.
In a healthy economy, a reading of 90 would be 'normal', but considering significant headwinds on the jobs front, as well as 'fiscal cliff' fears, many view today’s print as another positive development in the U.S.
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Consumer confidence is generally linked to consumer spending, and the numbers are consistence with hints on early Holiday spending trends in the U.S., which may bode well for retail stocks such as Abercrombie & Fitch Co. (NYSE: ANF), Macy’s (NYSE: M), and a number of related stocks – pretty much any company that would gain as wallets inch open.
In a healthy economy, a reading of 90 would be 'normal', but considering significant headwinds on the jobs front, as well as 'fiscal cliff' fears, many view today’s print as another positive development in the U.S.
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