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Consumer Confidence Misses Whilst Labor Differential Reverses Gain

US DATA
  • Conf. Board consumer confidence saw a sizeable miss in February, falling to 106.7 (cons 115.0) after a downward revised 110.9 (initial 114.8).
  • The present situation drove the latest decline and downward revision, but expectations also softened slightly – both are at lows since Nov.
  • Within the details, the labor differential declined after a notable downward revision to Jan, falling to 27.8 after 31.7 (initial 35.7).
  • Recall that the jump to 35.7 had left it at the highest since April, and preceded a bumper payrolls report which also included a surprise decline in the u/e rate.
  • It’s still relatively elevated compared to the 25 averaged through Aug-Dec, but far less so than appeared this time last month.

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