Marginally lower US consumer confidence, solid EZ industrial production in August
US: Consumer confidence (Michigan) (Oct. Prel.): 99.0 vs 100.5 expected (prior: 100.1)
- Slightly down (probably as a result of rising gasoline prices), but still very close to a 14-year high.
- This provides another reason to expect consumer spending growth to remain solid in the near term.
US: Import price index (Sept.): 0.5% m/m vs 0.2% expected (prior: -0.4% revised from -0.6%)
- Y/y: 3.5% vs 3.1% expected (prior: 3.8%)
- The increase was driven by food and energy prices while the core measure excluding petroleum prices was flat.
Eurozone: Industrial production (Aug.): 1.0% m/m vs 0.5% expected (prior: -0.7% revised from -0.8%)
- IP y/y: 0.9% vs -0.2% expected (prior: 0.3% revised from -0.1%)
- Solid rebound but this comes after two marked drops.
- Declining PMI new orders suggest lower gains in the coming months.