By Maria Martinez


Consumer confidence in the U.S. fell in November compared with October, according to a University of Michigan survey released Wednesday.

The final reading of the index of consumer sentiment was 76.9 in November, almost unchanged from the flash estimate of 77.0 two weeks ago and down from October's 81.8 level. Economists surveyed by The Wall Street Journal had expected the indicator to remain unchanged from its preliminary reading at 77.0.

Consumer confidence is 20.6% lower compared with the same month a year earlier, data showed.

The November data were less optimistic than last month due to the resurgence in Covid-19 infections and deaths as well as partisan shifts due to the outcome of the presidential election, said Richard Curtin, the survey's chief economist.

"In the months ahead, if infections and deaths rise as anticipated, further declines in optimism are likely," he said, noting that the anticipated declines, however, will be tempered by the approval of several vaccines by the end of the year.

Consumers' assessment of the current economic conditions rose to 87.0 in November from 85.9 in October, going up from the flash reading of 85.8 two weeks ago.

The index of consumer expectations--which reflects the balance of respondents anticipating improved business conditions in the next six months--fell to 70.5 from 79.2 the prior month, and decreased from the 71.3 preliminary estimate.


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(END) Dow Jones Newswires

November 25, 2020 10:37 ET (15:37 GMT)

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