Consumer Confidence Fell in November Amid Inflation Worries
30 November 2021 - 3:57PM
Dow Jones News
By Matt Grossman
The Conference Board's consumer-confidence index fell in
November, marking a decline in sentiment amid concerns about
inflation and the continuing Covid-19 pandemic.
The November index value stood at 109.5, slipping from a revised
111.6 in October. A panel of economists surveyed by The Wall Street
Journal had forecast a reading of 110. The gauge is based on an
online survey of consumers.
"Concerns about rising prices--and, to a lesser degree, the
Delta variant--were the primary drivers of the slight decline in
confidence," said Lynn Franco, the Conference Board's senior
director of economic indicators. She noted that in the latest
survey, a smaller proportion of consumers said they were planning
to buy homes, cars and major appliances over the next six
months.
The results are based on data through Nov. 19, before news of
the new Omicron Covid-19 variant hit.
The organization's present-situation index, a measure of
consumers' perception of current business and labor-market
conditions, fell to 142.5 from 145.5 last month. The
forward-looking expectations index, based on consumer's short-term
outlook, fell to 87.6 from 89.
A declining proportion of consumers surveyed thought that
business conditions are good: 17%, compared with 18.3% last month.
On the other hand, a growing number of consumers--58%--assessed
that jobs are plentiful, compared with 54.8% last month.
Optimism about the economy's next six months increased, with
24.1% of consumers forecasting that business conditions will
improve, up from 22.7% last month. The proportion of consumers who
see business conditions worsening fell to 20.7%.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
November 30, 2021 10:42 ET (15:42 GMT)
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