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US consumer confidence dropped to 100.2, most likely prompted by recent rise in gas prices

US Conference Board Consumer Confidence dropped from 102.2 to 100.2 in November, slightly above 100.0. Present Situation Index dropped from 138.7 to 137.4. Expectations index dropped from 77.9 to 75.4.

“Consumer confidence declined again in November, most likely prompted by the recent rise in gas prices,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “The Present Situation Index moderated further and continues to suggest the economy has lost momentum as the year winds down. 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.”

“Inflation expectations increased to their highest level since July, with both gas and food prices as the main culprits. Intentions to purchase homes, automobiles, and big-ticket appliances all cooled. The combination of inflation and interest rate hikes will continue to pose challenges to confidence and economic growth into early 2023.”

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