Consumer confidence unexpectedly fell in November.
The Conference Board’s latest consumer confidence reading came in at 88.7, down sharply from October.
Expectations were for the reading to come in at 96, up from 94.5 last month.
The reading’s expectations component also fell sharply, to 87.0 from 93.8 in October.
October’s 94.5 was a seven-year high for the index.
Lynn Franco, director of economic indicators at Conference Board said, “Consumer confidence retreated in November, primarily due to reduced optimism in the short-term outlook. Consumers were somewhat less positive about current business conditions and the present state of the job market; moreover, their optimism in the short-term outlook in both areas has waned.”
And according to Reuters’ Jamie McGeever, all 73 economists polled by Reuters were way off Tuesday’s confidence reading, with the range of estimates coming at between 92 and 98.8.
More to come …