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“October’s Refinitiv/Ipsos Primary Consumer Sentiment Index finds consumer confidence has remained stable now for two consecutive months” James Diamond of Ipsos states. “This stability, however, translates into Americans continuing to feel worse about the economy, their personal finances, and their purchasing power relative to the start of the year. On a more positive note, perceptions of job stability and prospects is higher this month than in September, though this also trails where it was at the beginning of the year.”
Jharonne Martis, Director of Consumer Research at Refinitiv, said, “This sentiment is reflected in the retail earnings estimates. Inflation and soft consumer demand for mall merchandise is causing more retailers to ramp up their promotions in Q32022. As a result, analysts polled by Refinitiv have been lowering their earnings estimates during the third quarter. For Q3 2022, the Refinitiv Retail/Restaurant Index is looking at a 2.0% estimated earnings growth rate.”
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