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- U.S. consumer confidence worsens more than expected in November
U.S. consumer confidence worsens more than expected in November
The Conference
Board announced on Tuesday its U.S. consumer confidence fell 5.3 points to 96.1
in November from 101.4 in October.
Economists had
expected consumer confidence to come in at 98.0.
October’s
consumer confidence reading was revised up from originally estimated 100.9.
The survey
showed that the expectations index dropped from 98.2 last month to 89.5 this
month. Meanwhile, the present situation index edged down from 106.2 in October
to 105.9.
“Consumer
confidence declined in November, after remaining virtually flat in October,” noted
Lynn Franco, Senior Director of Economic Indicators at The Conference Board.
“Consumers’ assessment of present-day conditions held steady, though consumers
noted a moderation in business conditions, suggesting growth has slowed in Q4.
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.”
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