Consumer confidence slipped in November after posting an improvement the previous month, dragged by employment and income prospects during the period.
Source: The Conference Board
The Conference Board Consumer Confidence Index slipped to 109.5 in November from 111.6 in October, while the Present Situation Index fell to 142.5 from 145.5. The Expectations Index declined to 87.6 from 89.0.
Consumers’ view of current business conditions was less favorable in November, while their appraisal of the current labor market was moderately more favorable. They were less optimistic about the short-term labor market outlook, and short-term financial prospects.
The Conference Board Senior Director Lynn Franco said the primary drivers of the confidence decline is due to concerns about rising prices and, to a certain extent, the Delta variant of the COVID-19 pandemic.
The Conference Board expects a positive holiday season for retailers, and confidence levels indicate the continued economic expansion into 2022.