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Consumer Confidence Declines Again in November

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Consumer Confidence Declines Again in November

Confidence falls again after steep decline in October.

The Conference Board Consumer Confidence Index® , which had decreased sharply in October, declined again in November. The index now stands at 70.4, down from 72.4 in October.

"When looking ahead six months, consumers expressed greater concern about future job and earning prospects, but remain neutral about economic conditions."

Consumers' assessment of overall current conditions decreased slightly. Those claiming business conditions are "good" edged up to 19.9% from 19.5%, while those claiming business conditions are "bad" increased to 25.2% from 23.0%. Consumers' appraisal of the job market was little changed. Those saying jobs are "plentiful" ticked up to 11.8% from 11.6%, while those saying jobs are "hard to get" decreased slightly to 34.0% from 34.9%.

Consumers' expectations, which had decreased sharply in October, declined further in November. Those expecting business conditions to improve over the next six months increased slightly, while those expecting business conditions to worsen decreased. However, consumers' outlook for the labor market was more pessimistic. Those anticipating more jobs in the months ahead fell to 12.7% from 16.0%. The proportion of consumers expecting their incomes to increase declined to 14.9% from 15.7%. Those expecting a decrease in their incomes rose slightly to 15.9% from 15.5%.

Said Lynn Franco, Director of Economic Indicators at The Conference Board: "Consumer confidence declined moderately in November after sharply declining in October. Sentiment regarding current conditions was mixed, with consumers saying the job market had strengthened, while economic conditions had slowed. However, these sentiments did not carry over into the short-term outlook. When looking ahead six months, consumers expressed greater concern about future job and earning prospects, but remain neutral about economic conditions. All in all, with such uncertainly prevailing, this could be a challenging holiday season for retailers."

 

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