11/25/2020, 4:00 PM (Source: TeleTrader)
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US consumer confidence declines in November

Consumer Sentiment Index in the United States decreased more than expected 6% in November compared to the previous month to land at 76.9 points, the final report published by the University of Michigan revealed on Wednesday. The index plunged 20.6% on an annual basis.

Consumer Expectations Index tumbled 11% compared to October to stand at 70.5 points, while marking a 19.2% drop year-on-year. On the other hand, Current Economic Conditions rose 1.3% to reach 87 points, but still sank 22% compared to November 2019.

"The November data were less optimistic than last month due to the resurgence in covid infections and deaths as well as partisan shifts due to the outcome of the presidential election... In the months ahead, if infections and deaths rise as anticipated, further declines in optimism are likely," the report noted.

Breaking the News / ND