U.S. Consumer Confidence Wanes in November Amid Spike in Virus Infections
By Maria Martinez
Consumer confidence in the U.S. fell in November compared with
October, according to a University of Michigan survey released
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.
Write to Maria Martinez at email@example.com
(END) Dow Jones Newswires
November 25, 2020 10:37 ET (15:37 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.