Consumer confidence took a hit in the storm-affected regions of the South, but overall remains at high levels, which is positive news for the U.S. economy.
“Consumer confidence decreased slightly in September after a marginal improvement in August,” said Lynn Franco, director of economic indicators at The Conference Board, an independent business research association based in New York. “Confidence in Texas and Florida, however, decreased considerably, as these two states were the most severely impacted by Hurricanes Harvey and Irma. Despite the slight downtick in confidence, consumers’ assessment of current conditions remains quite favorable and their expectations for the short-term suggest the economy will continue expanding at its current pace.”
The Conference Board’s Consumer Confidence Index registered 119.8 in September (1985=100), down from 120.4 in August. Consumers’ assessment of current conditions moderated in September. Those saying business conditions are “good” decreased slightly from 34.5 percent to 33.9 percent, while those saying business conditions are “bad” increased from 13.2 percent to 13.8 percent.
Consumers’ optimism about the short-term outlook was somewhat better in September. The percentage of consumers expecting business conditions to improve over the next six months rose slightly from 19.8 percent to 20.2 percent, but those expecting business conditions to worsen increased from 8.0 percent to 9.9 percent.
Tim TriplettRead more from Tim Triplett
Latest in Steel Products
UAW Has Upper Hand vs. Automakers: Schenker
The United Auto Workers (UAW) union has more leverage than the Detroit Three automakers in the current strike that started Sept. 15, according to Jason Schenker, president of Prestige Economics.
US Rig Count Drops, Canada Unchanged
The number of active oil and gas drilling rigs in the US dropped this week, while Canada’s count remains unchanged, according to the most recent data from oilfield services company Baker Hughes.
CRU: Demand-side Factors to Create Drag on Global Sheet Markets
Demand will be the determining factor in what happens to steel sheet prices globally for the remainder of the year, and most risks right now are to the downside. An autoworkers strike has started in the USA and could increase price volatility in the domestic sheet market. The longer and more severe this strike is, […]
Driving the Debate: Auto Worker’s Wage Demands in an Era of EV Transition
The LME aluminum 3-month price was up 0.8% on the morning of Friday Sept. 22. It was last seen trading at $2,238/metric tons, remaining above the $2,200/t mark for most of the past week.
Zekelman Industries Expanding ZI-Strut Line
Zekelman Industries has announced an expansion of its its ZI-Strut™ metal framing and accessories product line.