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Consumer Cos Down Despite Strong Sentiment Survey -- Consumer Roundup

12/09/2022 | 05:46pm EST

Retailers and other consumer companies ticked down despite a strong sentiment reading.

Consumer sentiment rose to 59.1 in December from 56.8 in November, recovering most of the losses registered the previous month, according to the latest survey from the University of Michigan. The data indicated promise for economic growth, but investors concentrated on the ramifications for central-bank policy.

"You have a basically resilient economy, you have a resilient labor market, you have a resilient consumer," said Quincy Krosby, chief global strategist at brokerage LPL Financial.

"If the Fed wants to destroy this they can, but that doesn't seem like it's their intent." At the same time, investors are relieved to see weaker economic data, like a recent increase in continuing jobless claims because of its likely effect on Fed policy, said Krosby. "This is the realm where bad news is good news ..." Krosby said.

 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

12-09-22 1745ET

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.08% 0.7097 Delayed Quote.4.40%
BRITISH POUND / US DOLLAR (GBP/USD) 0.00% 1.2397 Delayed Quote.2.63%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.04% 0.7504 Delayed Quote.1.73%
EURO / US DOLLAR (EUR/USD) 0.00% 1.08655 Delayed Quote.1.78%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.11% 0.012271 Delayed Quote.1.60%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.15% 0.6482 Delayed Quote.2.23%
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