Consumer confidence missed expectations in November, according to the latest reading from the University of Michigan.
The consumer confidence index came in at 91.3, better than last month but below November’s preliminary reading.
Expectations were for the reading to come in at 93.1, unchanged from the preliminary reading earlier this month and up from a reading of 90 last month.
This reading is, however, just slightly below the six-month average of 91.6.
In a comment along with the report, Richard Curtin, chief economist for the survey, said:
Nonetheless, the data indicate that consumers have become increasingly aware of economic cross currents in the domestic as well as the global economy. Nearly all of the recent advance was focused on current conditions rather than future economic prospects, and the entire November gain was due to lower income households. Households with incomes in the top third of the distribution, who account for more than half of all spending, expressed a more cautious optimism.
Curtin added that this data is consistent with an expansion inflation-adjusted personal consumption of 2.8% next year.
Wednesday’s report showed that consumers’ assessment of current economic conditions improved to 104.3 from 102.3 the prior month, while expectations rose to 82.9 from 82.1 in October.
This report followed a very disappointing consumer confidence reading from the Conference Board released on Tuesday, which showed that consumers now have a more downbeat view of the job market.
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