U.S. consumer confidence fell for the second straight month in November amid ongoing high inflation, rising interest rates, and layoff announcements by several large tech companies.
The Conference Board reported Tuesday that its consumer confidence index fell to 100.2 this month, down from 102.2 in October. November's figure is the lowest since July, and likely reflected an uptick in gas prices earlier this fall, said Lynn Franco, senior director of economic indicators at the Conference Board.
The data indicate Americans are taking a more gloomy view about the economy. Before the pandemic, the index regularly topped 120. With the cost of food, rent, clothing, and other essentials surging, inflation is near the worst in four decades,Despite the negative outlook, however, most Americans — particularly those with higher incomes — are still spending, fueling a generally healthy start to the winter holiday shopping season last weekend.
And the board’s expectations index — a measure of consumers’ six-month outlook for income, business and labor conditions -- declined to 75.4 from 77.9 last month.and over the post-Thanksgiving weekend. Spending on Black Friday jumped 12% compared with a year ago, according to MasterCard Spending Pulse, though that figure is not adjusted for inflation.Americans boosted their online spending by 5.8% from a year earlier, Adobe Analytics said.
Yet for lower-income households, those savings have largely been spent, though they may continue to fuel activity for higher-earning families.
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