Current:Home > InvestAmerican consumers more confident in November as holiday shopping season kicks into high gear-DB Wealth Institute B2 Expert Reviews
American consumers more confident in November as holiday shopping season kicks into high gear
View Date:2024-12-23 23:50:44
After declining for three straight months, American consumer confidence ticked up in November as the all-important holiday shopping season kicks into high gear.
The Conference Board, a business research group, said Tuesday that its consumer confidence index rose to 102 this month from 99.1 in October. Analysts were expecting a reading of 101. The October reading was revised down from an original reading of 102.6.
The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.
The main index was boosted by respondents whose outlook for the next six months improved.
The index measuring Americans short-term expectations for income, business and job market rose to 77.8 in November from 72.7 in October. However, it was the third straight reading below 80 for future expectations, which historically signals a recession within a year.
The survey also showed that Americans’ expectations of a recession in the next 12 months declined to the lowest level so far this year. Still, about two-thirds of those surveyed still expect a downturn before the end of 2024.
Consumer spending accounts for around 70% of U.S. economic activity, so economists pay close attention to consumer behavior as they take measure of the broader economy.
In September, spending by consumers rose by a brisk 0.4%, even as Americans face ever-higher borrowing costs. After a strong summer, economists forecast that consumer spending will slow in the final three months of the year, as credit card debt and delinquencies rise and average savings fall.
Americans did cut back on retail spending in October, ending six straight months of gains, though the decline was partly driven by falling prices for both gasoline and cars.
Though they continue to spend, inflation, geopolitical conflicts and higher interest rates remain at the forefront of American consumers’ minds.
Consumers’ view of current conditions this inched down modestly this month, to 138.2 from 138.6 in October.
veryGood! (36998)
Related
- Sofia Richie Reveals 5-Month-Old Daughter Eloise Has a Real Phone
- AI may not steal many jobs after all. It may just make workers more efficient
- Judge blocks Ohio law banning foreign nationals from donating to ballot campaigns
- Four Downs and a Bracket: Clemson is not as far from College Football Playoff as you think
- See Blake Shelton and Gwen Stefani's Winning NFL Outing With Kids Zuma and Apollo
- 49ers wide receiver Pearsall shot during attempted robbery in San Francisco, officials say
- Paralympic table tennis player finds his confidence with help of his family
- Most major retailers and grocers will be open on Labor Day. Costco and your bank will be closed
- 'Survivor' 47, Episode 9: Jeff Probst gave players another shocking twist. Who went home?
- Remembering the Volkswagen Beetle: When we said bye-bye to the VW Bug for the last time
Ranking
- Satire publication The Onion buys Alex Jones’ Infowars at auction with help from Sandy Hook families
- On the first day without X, many Brazilians say they feel disconnected from the world
- Real Housewives’ Tamra Judge Looks Unrecognizable as She Shows Results of Extreme Cosmetic Procedure
- Federal investigators start probe of bus crash in Mississippi that killed 7, injured dozens more
- Opinion: NFL began season with no Black offensive coordinators, first time since the 1980s
- Sephora Flash Sale: 50% Off 24-Hour Lancome Foundation, Viral Clinique Black Honey Lipstick & More
- Illegal voting by noncitizens is rare, yet Republicans are making it a major issue this election
- These 10 old Ford Mustangs are hugely underappreciated
Recommendation
-
Ranked voting will decide a pivotal congressional race. How does that work?
-
Brad Pitt and Girlfriend Ines de Ramon Arrive in Style for Venice International Film Festival
-
Sephora Flash Sale: 50% Off 24-Hour Lancome Foundation, Viral Clinique Black Honey Lipstick & More
-
College Football Misery Index: Florida football program's problems go beyond Billy Napier
-
Jennifer Lopez Turns Wicked Premiere Into Family Outing With 16-Year-Old Emme
-
Horoscopes Today, August 31, 2024
-
Pitt RB Rodney Hammond Jr. declared ineligible for season ahead of opener
-
Brad Pitt and Girlfriend Ines de Ramon Arrive in Style for Venice International Film Festival