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MUFG chief fincl economist Chris......>

US DATA REACT
US DATA REACT: MUFG chief fincl economist Chris Rupkey noted Conference Board
consumer confidence survey "falls a sharp 6.5 pts to 122.1 in Dec. as consumers
are less impressed with those massive tax cuts than earlier survey readings
found. The economy isn't going off the rails or anything but this does inject an
air of caution into the 2018 economic outlook. The big jump in confidence in
October due to tax reform hopes have come completely unraveled. You can give
workers a break on their taxes, but you can't guarantee they are going to spend
their paychecks and help make the economy grow. Today's setback for consumer
sentiment may endanger the Trump economics team's plan for the tax cuts to pay
for themselves if we don't see faster economic growth. A key driver of
confidence is the labor market and consumers say jobs are not so plentiful this
month."
- He adds "net, net, consumers are less confident about the outlook at the end
of the year despite having their pockets stuffed with tax cuts cash by the Trump
administration and U.S. Congress."

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