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2017.05.2519:00:00UTC+00U.s. Consumer Sentiment Likely stayed Elevated in April, Construction Spending to have Recovered

The U.S. Conference Board’s consumer confidence index had dropped a bit in April. The index for May is set to be released next week, shedding light on whether the confidence has topped, albeit at the highest levels since the 2000. It is still a mystery as to why sentiment is elevated but spending is so subdued. This is perhaps partly explained by no inflation-adjusted wage gains.

Also, consumer concerns regarding the economics concept of permanent income might be a contributing factor. Rising confidence is usually a very late-cycle phenomenon that comes after pent-up demand has been released when jobless rate is low and when stock prices are high.

Meanwhile, the U.S. construction spending is expected to have recovered in April from a slight drop in March that followed a very solid beginning to 2017, said Scotiabank in a research report.

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