The Consumer Confidence report (University of Michigan) rose in March to the highest level since October. Analysts at Wells Fargo point out it was a welcome break in a recent pattern of deteriorating fundamentals for the consumer in indicator reports. They noted that confidence was stronger at lower incomes.
“Consumer sentiment rose to 98.4, the highest since October before the government shutdown and stock-selloff spooked consumers. The forward-looking index of consumer expectations rose to 88.8, also the highest since October.”
“The press release noted that the improvement in March was “entirely due to households in the bottom two-thirds of the income distribution.” Indeed, confidence of households in the top third fell.”