I guess consumers didn’t need the Omicron variant to feel bad about the economy as confidence fell in November, according to the latest data from The Conference Board…(TCB)
- Consumer confidence fell to 109.5 a slight dip from the 111.6 reported in October.
- Economists had projected a smaller drop to 111. Consumer confidence has now fallen in 4 out of the last 5 months.
The present situation index saw the biggest drop with a three-point decline to 142.5 in November.
- This was thanks to a drop in consumers’ opinion of business conditions which overpowered the slight uptick in the assessment of the labor market.
The expectations index fell 1.4 points to 89.0 in November.
- This was the exact opposite of current conditions as opinions about business conditions improved while labor market assessments fell.
Lynn Franco, Senior Director of Economic Indicators at The Conference Board, said despite the drop in confidence the holiday season should be a win for retailers…
- “The Conference Board expects this to be a good holiday season for retailers and confidence levels suggest the economic expansion will continue into early 2022. However, both confidence and spending will likely face headwinds from rising prices and a potential resurgence of COVID-19 in the coming months.”
