Numbers: Consumer confidence fell to its lowest level in nine months in November due to concerns over high inflation. Optimistic views may decline again as new strains of coronavirus that are more resistant to the vaccine continue to spread.
The Consumer Confidence Index fell from 111.6 in October to 109.5, according to the Privately-owned The Conference Board. This was the fourth decrease in the last five months.
Economists polled by The Wall Street Journal predicted that the index would drop to 110.
Big picture: Americans were already worried about the biggest surge in US inflation in 30 years. Currently, the new Omicron strain of coronavirus is causing new anxiety.
But so far, neither rising prices nor viruses have hindered people’s spending. As the year ended, stronger spending brought up the economy.
In general, American spending habits are, above all, determined by how they view the labor market. Looking at it that way, the economy is still in good shape. The labor market is very tight and finding a job is easy.
Market reaction: Market reaction: Dow Jones Industrial Average
And S & P 500
It sank in a deal on Tuesday.
U.S. consumer confidence hits nine-month lows due to inflation and Covid concerns
http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-77AE-646E5227E842%7D&siteid=rss&rss=1 U.S. consumer confidence hits nine-month lows due to inflation and Covid concerns