Consumer Confidence increased slightly for November, up 0.8% from 48.7% in October.
Here’s the breakdown:
Press Release: The Conference Board Consumer Confidence Index®, which had declined in October, increased slightly in November. The Index now stands at 49.5 (1985=100), up from 48.7 in October. The Present Situation Index was virtually unchanged at 21.0 versus 21.1 last month. The Expectations Index increased to 68.5 from 67.0 in October.
The Consumer Confidence Survey® is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by TNS. TNS is the world’s largest custom research company. The cutoff date for November’s preliminary results was November 17th.
Says Lynn Franco, Director of The Conference Board Consumer Research centre: “Consumer Confidence posted a slight gain in November. The Present Situation Index, however, was virtually unchanged and remains at levels not seen in 26 years (Index 17.5, Feb. 1983). The moderate improvement in the short-term outlook was the result of a decrease in the per cent of consumers expecting business and labour market conditions to worsen, as opposed to an increase in the per cent of consumers expecting conditions to improve. Income expectations remain very pessimistic and consumers are entering the holiday season in a very frugal mood.”
Consumers’ appraisal of present-day conditions was virtually unchanged in November. Those claiming business conditions are “bad” decreased to 45.7 per cent from 46.7 per cent, while those claiming conditions are “good” increased to 8.1 per cent from 7.8 per cent. Consumers’ assessment of the labour market deteriorated moderately. Those claiming jobs are “hard to get” increased to 49.8 per cent from 49.4 per cent, while those claiming jobs are “plentiful” decreased to 3.2 per cent from 3.5 per cent.
Consumers’ short-term outlook improved slightly in November. The percentage of consumers expecting an improvement in business conditions over the next six months decreased slightly to 20.0 per cent from 20.8 per cent, but those expecting conditions to worsen decreased to 15.1 per cent from 18.2 per cent.
The labour market outlook was also slightly less pessimistic. Those anticipating more jobs in the months ahead declined to 15.2 per cent from 16.8 per cent, but those expecting fewer jobs decreased to 23.1 per cent from 26.1 per cent. The proportion of consumers expecting an increase in their incomes decreased to 10.0 per cent from 10.7 per cent.
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