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US consumer confidence dropped to 109.5 in Nov

US Conference Board Consumer Confidence dropped from 111.6 to 109.5 in November, below expectation of 110.8. Present Situation Index dropped from 145.5 to 142.5. Expectations Index dropped from 89.0 to 87.6.

“Consumer confidence moderated in November, following a gain in October,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board.

“Expectations about short-term growth prospects ticked up, but job and income prospects ticked down. Concerns about rising prices—and, to a lesser degree, the Delta variant—were the primary drivers of the slight decline in confidence. Meanwhile, the proportion of consumers planning to purchase homes, automobiles, and major appliances over the next six months decreased.

“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.”

Full release here.

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