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US consumer confidence slips slightly in November, Conference Board says

By Alexander Bueso

Date: Tuesday 29 Nov 2022

US consumer confidence slips slightly in November, Conference Board says

(Sharecast News) - US consumer confidence dipped in November amid rising prices at the pump, amid an outlook that pointed to still "elevated" recession risks, the results of a survey showed.
The Conference Board's consumer confidence index ebbed from an October print of 102.2 to 100.2 for November (consensus: 100.0).

Commenting on the latest readings, Lynn Franco, senior director of economic indicators at The Conference Board said: "Consumer confidence declined again in November, most likely prompted by the recent rise in gas prices.

"[...] Consumers' expectations regarding the short-term outlook remained gloomy. Indeed, the Expectations Index is below a reading of 80, which suggests the likelihood of a recession remains elevated."

The Present Situation Index dipped from 138.7 to 137.4, as did the Expectations Index which declined from 77.9 to 75.4.

Inflation expectations meanwhile hit their highest level since July, Franco added, due to higher prices for gas and food.

In parallel, intentions to purchase homes, automobiles and big-ticket appliances all slipped.

Consumers' assessments of current labour market conditions were "somewhat" more favourable, even as the short-term outlook for the same was more downbeat.

So too, according to survey responses, short-term income prospects had deteriorated.

Consumers remained pessimistic on the outlook for business, albeit a bit less so than in the month before.

"The dip in the headline index mirrors the softening in the University of Michigan and TIPPOnline surveys, but the bigger picture is that consumers' confidence is comfortably above the summer low, when gas prices were north of $5 per gallon," said Kieran Clancy, senior US economist at Pantheon Macroeconomics.





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