United States: Consumer confidence declines in November
Consumer confidence came in at 96.1 in November, down from October’s 101.4. As a result, the index dipped below the 100-threshold, and indicated pessimism among consumers.
The fall in the headline reading reflected a decrease in consumers’ assessment of the short-term outlook on business and labor market conditions. Moreover, consumers’ current assessment of income, business and employment conditions ebbed slightly further dragging on the headline figure.
Lynn Franco, senior director of economic indicators at the Conference Board, noted:
“Heading into 2021, consumers do not foresee the economy, nor the labor market, gaining strength. In addition, the resurgence of COVID-19 is further increasing uncertainty and exacerbating concerns about the outlook.”