Consumer Confidence Still High Despite November Decline
WASHINGTON (AP) — U.S. consumer confidence declined slightly for a fourth consecutive month, but it remains elevated with the holiday shopping season ramping up.
The Conference Board said Tuesday that its consumer confidence index ticked down to 125.5 in November from October’s 126.1 reading.
Consumers’ feelings about the present economic conditions also regressed slightly, but their short-term expectations for the future rose.
Bolstered by a strong labor market and rising wages, consumer confidence has been shaken somewhat by a global slowdown that’s coincided with a drawn out U.S.-China trade war that has hurt American manufacturers and increased economic uncertainty.
Consumer confidence is closely watched by economists because spending by those consumers accounts for 70% of economic activity.