Consumer Confidence Sags Again - November 26, 2013
Consumer Confidence, the monthly survey issued by the Conference Board, was released earlier this morning and showed a modest further decline in November.
On point, the Index came in at 70.4 for the latest month. That was modestly below the upwardly revised October figure of 72.4. Initially, the October result had been estimated at 71.2. Expectations had been for an increase to 73.0. We thus still seem to be suffering from the after effects of the recent government shutdown.
Meanwhile, two components of this survey (e.g., the Present Situation Index, which edged down from 72.6 to 72.0, and the Expectations Index, which fell from 72.2 in October to 69.3 this month) eased as well.
According to Lynn Franco, the Director of Economic Indicators at the Conference Board, "Consumer confidence declined moderately in November after sharply declining in October. Sentiment regarding current conditions was mixed, with consumers saying the job market had strengthened, while economic conditions had slowed."
Consumers' assessment of current conditions in general decreased slightly. To wit, those claiming business conditions are good edged up from 19.5 to 19.9. However, those claiming such conditions were poor also ticked up, rising from 23.0 to 25.2.
Taken as a whole, this report was mildly disappointing, but clearly not a game changer. It just reflects the ordinary nature of this long-running business expansion.
At the time of this article's writing, the author did not have positions in any of the companies mentioned.