US: Consumer Confidence in a soft patch - Wells Fargo

Analysts at Wells Fargo point out that Consumer Confidence dropped in four out of the past five months, but they explain that it is still elevated by historical standards. 

Key Quotes: 

“Consumers’ confidence continued to moderate in March, with the consumer confidence index falling 7.3 points to 124.1. That puts the index 13.8 points below where it was in October—before confidence was shaken in the final two months of last year.”

“The stock market selloff late last year likely played a role, and though equities have retraced some lost ground, the market related dent to confidence has yet to be fully restored.”

“Confidence is also a reflection of the labor market—which remains supportive of sentiment—but is starting to show some cracks in the foundation.”