harvey irma weigh on september us consumer confidence
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Harvey, Irma weigh on September US consumer confidence

Arab Today, arab today

Arab Today, arab today Harvey, Irma weigh on September US consumer confidence

Harvey, Irma weigh on September US consumer confidence
Washington - Arab Today

US consumer confidence slipped in September, partly weighed down by hurricanes Harvey and Irma which slammed into Texas and Florida, according to a monthly survey released Tuesday.

The monthly decline was less than forecast by analysts, who said the result actually showed underlying strength in consumer sentiment.

However, some parts of the Conference Board survey showed signs of increasing pessimism.

The consumer confidence index fell 0.6 points to 119.8, reversing two straight months of gains and bringing the level to its lowest point since June, according to the Conference Board.

A consensus forecast had expected the index to fall even further, to 119.4.

"Consumer confidence decreased slightly in September after a marginal improvement in August," Lynn Franco, the board's head of indicators, said in a statement.

"Confidence in Texas and Florida, however, decreased considerably, as these two states were the most severely impacted by Hurricanes Harvey and Irma."

But on the whole, consumer attitudes about current conditions remained "quite favorable," she added, saying that short-term expectations were also bullish.

However, consumers views of the current situation did darken slightly. The share of those saying conditions were "good" fell 0.6 points to 33.9 percent, while those saying conditions were "bad" rose by the same amount to 13.8 percent.

The short-term outlook also showed some signs of increasing concerns, as the share of those expecting conditions to worsen rose 1.9 points to 9.9 percent, while those foreseeing an improvement rose just 0.4 points to 20.2 percent.

The hit to confidence in the hurricane-affected zones was pronounced. In Texas, it fell 25.5 points to 119.9. And in Florida, it dropped 8.4 points to 126.7.

Economists say the storms, which forced millions to evacuate, caused tens of billions in damages and shuttered much of US oil production and refining capacity, should slow third-quarter GDP growth but spark a rebound at the end of the year.

Ian Shepherdson of Pantheon Macroeconomics said 2005's Hurricane Katrina, which caused nearly 2,000 deaths in New Orleans, had caused a far larger dent in consumer sentiment.

"This report continues the pattern of much less bad post-hurricane data than after Katrina, despite the much bigger areas affected by Harvey and Irma," he said in a research note.

"It might not be the last word, and we can't rule out a further decline in October, but so far it seems likely that the overall national economy will suffer only a brief and modest hit from the hurricanes."

 Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

harvey irma weigh on september us consumer confidence harvey irma weigh on september us consumer confidence

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

harvey irma weigh on september us consumer confidence harvey irma weigh on september us consumer confidence

 



GMT 15:36 2017 Monday ,09 January

Major EU-GCC meeting in Riyadh today

GMT 17:19 2016 Thursday ,22 December

KFMC surgeons remove 28 kg tumor from woman’s uterus

GMT 17:33 2017 Wednesday ,16 August

Damac reports decline in property development sales

GMT 09:16 2018 Monday ,01 January

Seoul leaning towards military measures

GMT 01:05 2017 Wednesday ,20 December

No guarantees on French-German initiative on Ukraine

GMT 21:00 2017 Sunday ,17 September

Saif bin Zayed approves adoption of 'Emirati Reader'

GMT 02:10 2017 Thursday ,05 January

Bahrain Stock Index Drops 3.47 Points

GMT 02:05 2017 Thursday ,28 September

July24th-August23rd

GMT 04:17 2017 Saturday ,11 November

Laulala out to prove All Blacks worth against France

GMT 02:42 2017 Friday ,14 July

NATO Tripoli strike kills civilians

GMT 05:47 2017 Wednesday ,18 January

Mohamed bin Zayed attends opening of ADSW 2017

GMT 05:40 2016 Saturday ,26 November

Oil falls 2% on OPEC cut uncertainty

GMT 16:48 2016 Tuesday ,11 October

Greek police escort refugee children to school

GMT 09:42 2017 Saturday ,12 August

Prince Charles Promoted to Highest Military Rank

GMT 13:07 2017 Monday ,25 September

Iran blocks all Iraqi Kurdistan flights
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday