Consumer confidence was better than expected in November, according to the latest data from the Conference Board.
- M-O-M: The Conference Board Consumer Confidence Index increased to 102.0 in November, up from a downwardly revised 99.1 in October but still the second lowest level all year.
- Y-O-Y: Consumer confidence is up just 0.5% from the same time last year.
Beat The Street. Economists projected a smaller increase to 101.
Concern About The Present. The Present Situation Index ticked down slightly to 138.2 in November, down from 138.6 the prior month. The Expectations Index actually rose to 77.8 in November, up from its downwardly revised reading of 72.7 in October.
- Despite this month’s improvement, the Expectations Index remains below 80 for a third consecutive month—a level that historically signals a recession within the next year.
Analysis. Dana Peterson, Chief Economist at the Conference Board, noted that we did see improvements in November but consumers are still cautious. “General improvements were seen across the spectrum of income groups surveyed in November. Nonetheless, write-in responses revealed consumers remain preoccupied with rising prices in general, followed by war/conflicts and higher interest rates.”