US: Consumer confidence fell to 122.1 in December – Nomura

Analysts at Nomura note that US consumer confidence fell to 122.1 in December (from November’s 128.6) and came in below expectations (Nomura and Consensus 128.0), driven by a moderation in consumers’ optimism about near-term conditions.

Key Quotes

“Although consumers’ assessment of the present situation remained highly elevated and improved to 156.6 from 154.9, the index of future expectations index fell notably to 99.1 from 111.0. Much of the confidence about the current situation is likely due to an improving labor market. The labor market differential index (“jobs plentiful’ minus “jobs hard to get”) remained strong at 20.5 (down slightly from 20.7 in November), highlighting continued strength in the labor market.”