🛍️ US Consumer Confidence Signals That...?

Good morning. US stock futures ticked upward in Thursday morning trading as investors looked ahead to US jobs and GDP data.

🛒 US consumers optimistic heading in 2024

📝 Our report: Deck the halls with optimism! U.S. consumer confidence is shining brighter than a holiday tree in December, reaching a five-month high! According to the latest report from the Conference Board, Americans are growing more optimistic about current and future business conditions as well as the labor market, which could help to underpin the economy early next year.  

 🔑 Key points:

• The Conference Board's consumer confidence index increased to 110.7 in December, the highest reading since July, from a downwardly revised 101.0 in November. Economists polled by Reuters had forecast the index would rise to 104.0 from the previously reported 102.0.

• The jump in confidence reported by the Conference Board occurred across all age groups and household income levels.

• Though consumers continued to worry about inflation, many were planning to buy motor vehicles, houses and major appliances like refrigerators and clothes dryers over the next six months.

💡 So what: Rising consumer confidence is like the sun breaking through the economic clouds for the U.S. It's a key ingredient in the recipe for a healthy and thriving economy. When consumers are confident, they're more likely to open their wallets, spend on goods and services, and invest in the future. This boost in spending can stimulate economic growth, encourage businesses to expand, and contribute to a positive cycle of prosperity.

Thursday - Initial Jobless Claims (wk end Dec 15), US Leading Economic Indicators, US GDP (revision)

Friday - Consumer Sentiment

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🥽 Apple shifts focus to Vision Pro

WHAT: Hold on to your hats, tech enthusiasts! Apple is revving up the production engines for its Vision Pro mixed-reality headset, and rumor has it, the AR/VR market might be in for a February spectacle. Production of the new headset is at full speed at facilities in China and has been for several weeks, according to reports from Bloomberg News.

WHY: The Vision Pro, priced at $3,499, launched in June and was expected to be available by early 2024 in the U.S. Media reports in July suggested the iPhone maker had been forced to make major cuts to production forecasts for the headset due to design complexities.

✈️ Southwest boosts pilot pay

WHAT: Attention all pilots at Southwest Airlines! Buckle up, because your salary is about to take off on a five-year joyride, and rumor has it you'll be cruising at a smooth 50% pay raise altitude! The Southwest Airlines Pilots Association (SWAPA), which represents more than 10,000 pilots at the Dallas-based carrier, also said its board has voted to send the deal to members for a ratification vote.

WHY: The hefty pay increases underscore the bargaining power aviators are enjoying amid an industry-wide shortage. Pilots at rivals United Airlines, Delta Air Lines and American Airlines have all secured big raises and improvements in working conditions in new contracts.

🚙 Total recall at Toyota

WHAT: Toyota's got a recall party going on, and it's inviting about a million of its vehicles back to the workshop. The recall covers a range of Toyota and Lexus vehicles with model years from 2020 to 2022. Included in the recall are Toyota Avalons, Camrys, Highlanders, RAV4s, Siennas and Corollas, plus some hybrids of those models.

WHY: The vehicles being recalled have sensors in the front passenger seat that may have been manufactured improperly. Those sensors could potentially short circuit, causing the airbag system to not determine the occupant's correct weight and potentially not deploy in certain kinds of crashes.

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