The Conference Board Consumer Confidence Index decreased in November after also losing ground in October. The latest report shows that the index is now at 137.2, below 137.October 2.
The economic environment is weighing on the sentiment of US consumers, who in the midst of high inflation, high interest rates and an economic slowdown, have lower confidence in the evolution of the economy.
“Consumer confidence fell again in November, most likely driven by the recent increase in gasoline prices,” said Lynn Franco, senior director of economic indicators of The Conference Board.
“The Index Current Situation Moderation moderated further and continues to suggest that the economy has lost momentum as the year winds down. Consumer expectations regarding the near-term outlook remained bleak. In fact, the Expectations Index is below a reading of 80, suggesting the likelihood of a recession remains elevated.” added Franco.
The Current Situation Index, based on consumers’ evaluation of current commercial and labor conditions, decreased to 138.4 since 137.7 last month. The expectations index, based on consumers’ near-term perspectives on income, business and labor market conditions, decreased to 77.4 since 80.9.
The Conference Board reports that “Inflation expectations they rose to their highest level since July, with gas and food prices the main culprits. Intentions to buy expensive houses, cars and appliances cooled. The combination of inflation and interest rate increases will continue to pose challenges. confidence and economic growth until the beginning of
″.
The Conference Board Consumer Confidence Index found that consumers’ assessment of current business conditions was mixed in November:
– On 19.2% of consumers said that business conditions were “good”, compared to 16.7%.
– On the other hand, more consumers, the 44.7%, said that the commercial conditions were “bad”, compared to 24%.
– For 44.8% of consumers , the jobs turned out to be “abundant”, compared to 44.8%.
– .0% of consumers said jobs were “difficult to get”, without changes compared to last month.
– In c Regarding the six-month expectations, for 17.9% expects that the commercial conditions improve, a little more than the 17.6% previous.
– The 26.7% expect business conditions to worsen, vs. 26.3%.
– The 19.6% of consumers expect more jobs to become available, vs. 20.5%.
– On 21.4% forecast fewer jobs, compared to 21.77.
– Consumers were also more pessimistic about their short-term income prospects, where the 17.2% expect their income to increase, compared to 21.6%.
– While the 19.6% expect their income to decrease, compared to 16.2%.
You may also be interested in:
– JPMorgan forecasts that the US will fall into a mild economic recession next year
– Which US companies are cutting jobs for fear of recession
– 80 % of US respondents report negative mental health consequences of stress financial