A key measure of consumer confidence dropped in November — just in time for the…
A key measure of consumer confidence dropped in November — just in time for the holiday shopping season.
Specifically, The Conference Board Consumer Confidence Index declined in November, following an improvement in October.
However, we can remain optimistic.
“Despite a small decline in November, Consumer Confidence remains at historically strong levels,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “Consumers’ assessment of current conditions increased slightly, with job growth the main driver of improvement.”
Franco continued, “Expectations, on the other hand, weakened somewhat in November, primarily due to a less optimistic view of future business conditions and personal income prospects. Overall, consumers are still quite confident that economic growth will continue at a solid pace into early 2019. However, if expectations soften further in the coming months, the pace of growth is likely to begin moderating.”
We’ll soon have some hard data to chew on. Next week brings the November jobs report. This will include wage data that may or may not prompt the Fed to push interest rates higher. Also, we should have a preliminary read on how robust the holiday shopping season has been.