US: Consumer confidence to decline to 120.0 – Nomura

Analysts at Nomura point out that the preliminary September University of Michigan consumer survey showed a modest deterioration in expectations due to inclement weather and thus they forecast a decline to 120.0 in September.

Key Quotes

“Consumers have remained highly optimistic throughout 2017. The Conference Board’s consumer confidence index remained high at 122.9 in August, driven by strong improvements in the labor market. We expect the underlying pace of job creation to remain solid in September, but it is possible that economic disruptions caused by the recent hurricanes may have adversely affected consumer sentiment in September.”