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The Conference Board’s U.S. consumer confidence index declined moderately in November after falling sharply in October. The index now stands at a reading of 70.4 (1985=100), down from 72.4 in October.
“Sentiment regarding current conditions was mixed, with consumers saying the job market had strengthened, while economic conditions had slowed,” said Lynn Franco, director of economic indicators at The Conference Board. “However, these sentiments did not carry over into the short-term outlook. When looking ahead six months, consumers expressed greater concern about future job and earning prospects, but remain neutral about economic conditions. All in all, with such uncertainty prevailing, this could be a challenging holiday season for retailers.”
The number of consumers anticipating more jobs in the months ahead fell to 12.7 percent in November from 16.0 percent in October, according to the index’s survey, but those expecting fewer jobs also decreased to 21.7 percent from 22.6 percent. And those saying jobs are “plentiful” edged up to 11.8 percent from 11.6 percent, while those saying jobs are “hard-to-get” slipped to 34.0 percent from 34.9 percent.