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Economic Update: Consumer Sentiment Hit 5 Year High in Nov.

We are gaining Momentum…Let’s hope it continues!

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From The NYTimes: Nov. 9. 2012

NEW YORK (Reuters) – U.S. consumer sentiment rose to its highest level in more than five years in November as consumers felt more optimistic about employment prospects and the outlook for the overall economy, a survey released on Friday showed.

Reuters

The Thomson Reuters/University of Michigan preliminary reading on the overall index on consumer sentiment came in at 84.9, up from 82.6 the month before.

It was above the median forecast of 83 among economists polled by Reuters.

COMMENTS:

TOM PORCELLI, CHIEF U.S. ECONOMIST, RBC CAPITAL MARKETS, NEW YORK:

“There were certainly cross currents in this report as it not only captured Sandy but it also captured the day of the election. Given the cross currents it is a little hard to read, but nevertheless the bottom line is that it was an improvement and a move in the right direction. As we move forward it will be interesting to see the response to the fiscal cliff. There will be uncertainty before clarity on the fiscal cliff and that should put confidence under pressure going forward.”

JOE MANIMBO, MARKET ANALYST, WESTERN UNION BUSINESS SOLUTIONS, WASHINGTON

“It shows that the U.S. economy is on a decent footing heading into the so-called fiscal cliff. So that should highlight that the economy could be subject to a u-turn if we go over. There’s a lot at stake, and there’s a lot momentum that could be lost if lawmakers don’t get their act together.”

MARKET REACTION:

STOCKS: U.S. stock fell at open

BONDS: U.S. bond prices rose on Friday

DOLLAR: The U.S. dollar was little changed

By REUTERS
Published: November 9, 2012 at 10:12 AM ET

Read More…

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This entry was posted on November 9, 2012 by in Uncategorized.
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