Consumer confidence fell for the 2nd straight month, according to the latest data from the The Conference Board.
- M-O-M: The Consumer Confidence Index fell to 100.2 in November, this is down from 102.2 in October.
- Y-O-Y: Consumer confidence is down 8.5% when compared to November 2021.
Slightly Better Than Expected. Economists had projected that the index would fall to 100 flat.
Concerns About The Future. Expectations continue to fall faster than concerns about current economic conditions according to the survey.
- The Present Situation Index fell 1.3 points to 137.4
- The Expectations Index fell 2.5 points to 75.4.
Inflation Concerns. Inflation expectations increased to their highest level since July, with both gas and food prices as the main culprits. Intentions to purchase homes, automobiles, and big-ticket appliances all cooled.
Analysis. Lynn Franco, Senior Director of Economic Indicators at The Conference Board, said that the survey is showing signs of a recession. “The Present Situation Index moderated further and continues to suggest the economy has lost momentum as the year winds down. Consumers’ expectations regarding the short-term outlook remained gloomy. Indeed, the Expectations Index is below a reading of 80, which suggests the likelihood of a recession remains elevated.”