Heading into the Holiday Shopping Season, Consumers are Feeling Less Confident
November 26, 2019
Retailers gearing up for Black Friday just got some bad news. A measure of American consumer confidence fell in November, marking the fourth consecutive month of decline. The Conference Board said its index of consumer confidence fell to 125.5 in November, down from 126.1 in October.
Economists had been expecting an increase to 126.8. The unexpected decline is another sign that Americans are tightening their wallets amidst fears of a continued trade war and global economic slowdown. While consumers’ view about current business and labor conditions fell, consumers’ outlook for future conditions were up for the month.
An economist for the Conference Board noted that the decline reflects Americans’ worries about a softening labor market. Despite the decline, the Conference Board points out that overall confidence remains high and should support solid spending throughout the holiday season.