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World News – United States – U weaker than expectedS Consumer confidence pushes gold price up

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(Kitco News) Gold prices edged up after the US consumer confidence index fell short of market expectations in October

The U.S. Consumer Confidence Index fell to 1,009 in October, from September’s revised downward reading of 10,130, the US Conference Board reported on Tuesday Economists expected to see the hint at 1020 reading

Gold prices have climbed to daily highs after data was released with the latest Comex gold futures contract from December at $ 1909 80 an ounce, up 022% on the day

Traders are watching the survey on consumer optimism closely as it is a potential leading indicator of economic growth The more optimistic consumers feel, the more likely they are to spend money and vice versa

The current situation index, which describes consumers’ perspective on current business and labor market conditions, rose to 1046 out of 989 At the same time, the expectations index, which represents the short-term outlook for consumers on income, business and the labor market, has fallen to 984 out of 1029

Weaker-than-expected October data follows a sharp rise in September, said Lynn Franco, senior director of economic indicators at the Conference Board

« Consumers’ assessment of current conditions has improved while expectations have declined, mainly due to an easing of short-term employment prospects There is little to suggest that consumers predict the economy to gain momentum in the final months of 2020, especially with COVID-19 cases on the rise and unemployment still high, « Franco noted

Looking at the job market, the report notes that employment prospects are mixed The proportion that expects more jobs in the coming months increased slightly from 329% to 332%, while that those predicting fewer jobs also increased from 161% to 202%

Even though October figures so far show no negative impact from the absence of additional fiscal stimulus, consumer confidence could still suffer in the months to come, said Katherine Judge, economist of the CIBC World Markets

« Although the increase in the number of new virus cases as well as the uncertainty of budget support have not turned out to have completely derailed consumer confidence at this point without a budget package, an autumn and a winter difficult could lead to a drop in come, says judge

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Consumer Confidence Index, Consumer, The Conference Board

Global news – United States – U weaker than expectedS Consumer confidence pushes up gold prices

SOURCE: https://www.w24news.com