United States: Consumer confidence drops in December
Consumer confidence came in at 88.6 in December, down from November’s 92.9. As a result, the index fell further below the 100-threshold, and indicated pessimism among consumers.
The fall in the headline reading reflected a decrease in consumers’ assessment of business and labor market conditions. That said, consumers’ short-term assessment of income, business and employment conditions increased.
Lynn Franco, senior director of economic indicators at the Conference Board, noted:
“Overall, it appears that growth has weakened further in Q4, and consumers do not foresee the economy gaining any significant momentum in early 2021.”