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- U.S. consumer confidence falls slightly in November
U.S. consumer confidence falls slightly in November
The Conference
Board announced on Tuesday its U.S. consumer confidence gauge fell 0.6 points
to 125.5 in October from 126.1 in October.
Economists had
expected consumer confidence to come in at 127.0.
October’s
consumer confidence reading was revised up from originally estimated 125.9.
The survey
showed that the expectations rose from 94.5 last month to 97.9 this month,
while the present situation index dropped from 173.5 to 166.9.
Lynn Franco,
Senior Director of Economic Indicators at The Conference Board, noted, “Consumer
confidence declined for a fourth consecutive month, driven by a softening in
consumers’ assessment of current business and employment conditions. The
decline in the Present Situation Index suggests that economic growth in the
final quarter of 2019 will remain weak. However, consumers’ short-term
expectations improved modestly, and growth in early 2020 is likely to remain at
around 2 percent. Overall, confidence levels are still high and should support
solid spending during this holiday season.”
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