Consumer confidence improved slightly in November, with the Consumer Confidence Index rising to 102.0, beating expectations.
However, it remains below the threshold which historically signals a recession within the coming year.
The decline in the present situation index was driven by less optimistic views of job availability, and expectations for interest rate increases ticked down. (Trending: Chilling Surveillance Program Under Biden Exposed)
“While consumer fears of an impending recession abated slightly—to the lowest levels seen this year—around two-thirds of consumers surveyed in November still perceive a recession to be ‘somewhat’ or ‘very likely”‘ to occur over the next 12 months. This is consistent with the short and shallow recession we anticipate in the first half of 2024,” the Conference Board noted.
“November’s increase in consumer confidence was concentrated primarily among householders aged 55 and up; by contrast, confidence among householders aged 35-54 declined slightly. 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,” stated Dana Peterson, Chief Economist at The Conference Board.
Older consumers were more optimistic than younger consumers, and there were general improvements across income groups surveyed.
Rising prices, war/conflicts, and higher interest rates were consumer concerns.