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US consumer confidence falls to 88.7 in November

FXStreet (London) - US consumer confidence fell to 88.7 in November, down from 94.1 in October.

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.

Says Lynn Franco, Director of Economic Indicators at The Conference Board: “Consumer confidence retreated in November, primarily due to reduced optimism in the short-term outlook. 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.”

According to the Conference Board survey, consumers’ assessment of present-day conditions was moderately less favourable in November than in October. The proportion saying business conditions are “good” decreased from 24.7 percent to 24.0 percent, while those claiming business conditions are “bad” increased from 21.3 percent to 22.4 percent. Surveyed consumers’ assessment of the job market was slightly less favourable, with the proportion stating jobs are “plentiful” falling from 16.5 percent to 16.0 percent, and those claiming jobs are “hard to get” increasing marginally from 29.0 percent to 29.2 percent.

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