The Conference Board informed on Tuesday its U.S. consumer confidence dropped
2.0 points to 100.2 in November from a downwardly revised 102.2 (from 102.5) in
October. Economists had forecast consumer confidence to deteriorate to 100.0.
The details of the survey showed that the November drop in the headline
index reflected declines both in the present situation index (-1.3 points to 137.4
this month) and the expectations index (-2.5 points to 75.4).
Commenting on the results of the last survey, Lynn Franco, Senior
Director of Economic Indicators at The Conference Board, suggested that another
decrease in consumer confidence in November was, most likely, prompted by the
recent rise in gas prices. She also noted that consumers' inflation
expectations rose to their highest level since July, with both gas and food
prices as the main culprits. “The combination of inflation and interest rate
hikes will continue to pose challenges to confidence and economic growth into
early 2023," Franco added.