The Independent Market Observer

Economic Release Snapshot: Consumer Confidence Falls in October

Posted by Sam Millette

This entry was posted on Oct 16, 2023 8:14:57 AM

and tagged In the News

Leave a comment

Monday UpdateEach week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead.

Reports for the Week of October 9

Producer Price Index, September (Wednesday)

  • Prior monthly PPI/core PPI growth: +0.7%/+0.2%
  • Expected monthly PPI/core PPI growth: +0.3%/+0.2%
  • Actual monthly PPI/core PPI growth: +0.5%/+0.3%
  • Prior year-over-year PPI/core PPI growth: +2.0%/+2.5%
  • Expected year-over-year PPI/core PPI growth: +1.6%/+2.3%
  • Actual year-over-year PPI/core PPI growth: +2.2%/+2.7%

Headline and core producer prices increased more than expected in September due, in part, to rising oil and gas prices during the month.

FOMC meeting minutes, September (Wednesday)

The Fed’s September meeting minutes showed that the Fed remains committed to combating inflation through restrictive monetary policy despite uncertainty surrounding future economic conditions.

Consumer Price Index, September (Thursday)

  • Prior monthly CPI/core CPI growth: +0.6%/+0.3%
  • Expected monthly CPI/core CPI growth: +0.3%/+0.3%
  • Actual monthly CPI/core CPI growth: +0.4%/+0.3%
  • Prior year-over-year CPI/core CPI growth: +3.7%/+4.3%
  • Expected year-over-year CPI/core CPI growth: +3.6%/+4.1%
  • Actual year-over-year CPI/core CPI growth: +3.7%/+4.1%

Headline consumer inflation remained unchanged on a year-over-year basis in September, while core consumer inflation fell to a two-year low.

University of Michigan consumer sentiment survey, October, preliminary (Friday)

  • Expected/prior month consumer sentiment index: 67.0/68.1
  • Actual consumer sentiment index: 63

Consumer sentiment fell more than expected in October due to worsening consumer views on current and future economic conditions.

Upcoming Reports for the Week of October 16

Retail sales, September (Tuesday)

Retail sales are set to grow modestly in September following a larger-than-expected increase in August.

Industrial production, September (Tuesday)

Industrial production is expected to remain unchanged in September, and manufacturing production is set to fall during the month.

National Association of Home Builders Housing Market Index, October (Tuesday)

Economists expect to see slightly lower home builder confidence in October due, in part, to rising mortgage rates.

Building permits and housing starts, September (Wednesday)

These two measures of new home construction are set to come in mixed in September, with permits set to fall and starts expected to rebound following a decline in August.

Existing home sales, September (Thursday)

Sales of existing homes are set to fall for the fourth consecutive month in September, as rising prices and mortgage rates are set to weigh on prospective home buyers.

 


Subscribe via Email

Crash-Test Investing

Hot Topics



New Call-to-action

Conversations

Archives

see all

Subscribe


Disclosure

The information on this website is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation.

Certain sections of this commentary contain forward-looking statements that are based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not indicative of future results. Diversification does not assure a profit or protect against loss in declining markets.

The S&P 500 Index is a broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks. All indices are unmanaged and investors cannot invest directly in an index.

The MSCI EAFE (Europe, Australia, Far East) Index is a free float‐adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of 21 developed market country indices.

One basis point (bp) is equal to 1/100th of 1 percent, or 0.01 percent.

The VIX (CBOE Volatility Index) measures the market’s expectation of 30-day volatility across a wide range of S&P 500 options.

The forward price-to-earnings (P/E) ratio divides the current share price of the index by its estimated future earnings.

Third-party links are provided to you as a courtesy. We make no representation as to the completeness or accuracy of information provided on these websites. Information on such sites, including third-party links contained within, should not be construed as an endorsement or adoption by Commonwealth of any kind. You should consult with a financial advisor regarding your specific situation.

Member FINRASIPC

Please review our Terms of Use

Commonwealth Financial Network®