Daily update
Daily update
- US job vacancy data is due. The survey response rate for this data is so low as to class those who do bother to respond as peculiar. Moreover, the data measures externally advertised vacancies only, and the surge and retreat in job vacancy numbers probably owe more to the changing ratio of internal to external job vacancies within companies.
- There are some consumer sentiment opinion polls due. The political sphere is demonstrating the considerable uncertainty that surrounds poll-based evidence, and that uncertainty has to translate into sentiment data. The US consumer confidence numbers are very likely distorted by political bias, and it seems reasonable to suppose the German GfK confidence measure is likewise affected.
- Prices in UK shops continue to fall, according to the British Retail Consortium. Non-food items are in deflation (which fits with falling consumer durable goods prices in the official data), and food price inflation continues to moderate. This is increasing spending power for UK consumers.
- UK September credit card and mortgage numbers are due, and are expected to show broad stability. US mortgage rates touched 7% again. This is not an issue for most homeowners (large numbers of whom locked in borrowing costs at very low levels in 2021), but it deters new buyers from purchasing.
