U.S. consumer confidence declines in November

November 26, 2014 7:03 am 

NEW YORK, Nov. 26 — U.S. consumer confidence, which had rebounded in October, declined in November, the New York-based research group Conference Board said Tuesday in a report.

The Conference Board Consumer Confidence Index registered 88.7 in November, down from 94.1 in October.

"Consumer confidence retreated in November, primarily due to reduced optimism in the short-term outlook," said Lynn Franco, Director of Economic Indicators at The Conference Board

The report showed the Present Situation Index declined from 94. 4 to 91.3, while the Expectations Index decreased sharply to 87.0 from 93.8 in October.

"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. However, income expectations were virtually unchanged and gas prices remain low, which should help boost holiday sales," she said.

Consumers' optimism, which had improved in October, retreated in November. The percentage of consumers expecting business conditions to improve over the next six months decreased from 19.4 percent to 17.6 percent, while those expecting business conditions to worsen rose from 8.9 percent to 10.7 percent.

Consumers' outlook for the labor market was also less optimistic. Those anticipating more jobs in the months ahead decreased from 16.0 percent to 15.0 percent, while those anticipating fewer jobs rose from 14.1 percent to 16.4 percent. (PNA/Xinhua)

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