The
Conference Board reported on Tuesday its U.S. consumer confidence fell 2.1
points to 109.5 in November from a downwardly revised 111.6 (from 113.8) in October.
This was the lowest reading in nine months.
Economists
had expected consumer confidence to come in at 111.0.
The
details of the survey revealed that the present situation index decreased from
145.5 in October to 142.5 this month. Meanwhile, the expectations index declined
from 89.0 last month to 87.6 in November.
Commenting
on the results of the last survey, Lynn Franco, Senior Director of Economic
Indicators at the Conference Board, noted that the major drivers of a decline
in confidence in November were concerns about inflation and coronavirus.