Pete Wargent blogspot

Co-founder & CEO of AllenWargent property buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place), and CEO of WargentAdvisory (providing subscription analysis, reports & services to institutional clients).

4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.

"Unfortunately so much commentary is self-serving or sensationalist. Pete Wargent shines through with his clear, sober & dispassionate analysis of the housing market, which is so valuable. Pete drills into the facts & unlocks the details that others gloss over in their rush to get a headline. On housing Pete is a must read, must follow - he is one of the better property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.

"Pete Wargent is one of Australia's brightest financial minds - a must-follow for articulate, accurate & in-depth analysis." - David Scutt, Business Insider, leading Australian market analyst.

"I've been investing for over 40 years & read nearly every investment book ever written yet I still learned new concepts in his books. Pete Wargent is one of Australia's finest young financial commentators." - Michael Yardney, Australia's leading property expert, Amazon #1 best-selling author.

"The most knowledgeable person on Aussie real estate markets - Pete's work is great, loads of good data and charts, the most comprehensive analyst I follow in Australia. If you follow Australia, follow Pete Wargent" - Jonathan Tepper, Variant Perception, Global Macroeconomic Research, and author of the New York Times bestsellers 'End Game' and 'Code Red'.

"Pete's daily analysis is unputdownable" - Dr. Chris Caton, Chief Economist, BT Financial.

Sunday, 18 January 2015

US Consumer Confidence Romps to 11 Year High

I've been discussing the US recovery for a long while on this blog now, including both the plunging unemployment rate and the speed of economic growth.

And now consumer confidence has followed suit by ripping to its highest level since 2004.

Reported Bloomie:

“The surge in U.S. household confidence propelled by a strengthening job market and lower fuel costs improves the odds that gains in spending will soon follow.

The University of Michigan preliminary consumer sentiment index for January rose to an 11-year high of 98.2, exceeding the median forecast of economists surveyed by Bloomberg, from a final reading of 93.6 the prior month, according to a report Friday.

Other figures from government agencies in Washington showed consumer prices fell and manufacturing output cooled.

Increases in employment and a drop in gasoline prices were on the minds of more Americans this month than at any time in the more than five-decade history of the Michigan survey.

Consumers also said they were more likely to buy a car, a sign that the December slump in retail sales may prove temporary.

“The economy is on a very solid footing beginning the new year,” said Brian Jones, a senior U.S. economist at Societe Generale in New York, whose confidence forecast was the closest in the Bloomberg survey.

“We continue to generate jobs at a fairly rapid clip, and what you’re also seeing is consumers’ response to what I call a tax cut from lower gasoline prices. That frees up a lot of spending and that means they can purchase other goods and services.”

Stocks climbed, buoyed by the jump in confidence and gains in energy shares. 

The Standard & Poor’s 500 Index rose 1.34 percent to 2,019.

The median estimate in a Bloomberg survey of 70 economists projected the Michigan index would increase to 94.1.”

Lovely to see!