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US consumer confidence declined in November
US consumer confidence fell more than expected in November amid a widespread spike in COVID-19 infections and the reimposition of restrictions on business activities, which renewed expectations for a sharp economic slowdown in the fourth quarter.
The results of the Conference Board survey on Tuesday follow reports this month that showed the smallest gains in employment and retail sales growth in October since a recovery from the pandemic's recession began in May. The number of applicants new claims for unemployment benefits in mid-November.
The economy is losing momentum as more than $ 3 trillion of government stimulus lapses. The money helped millions of unemployed Americans meet their daily expenses and made it easier for companies not to lay off workers, leading to record economic growth in the third quarter.
The consumer confidence index fell to 96.1 this month from 101.4 in October. Economists polled by Reuters had expected the index to drop to 98 in November. The index was at 132.6 in February.
The status quo index, which is based on consumer assessments of corporate and labor market conditions, fell to 105.9 from 106.2 in October. The expectations index, which measures consumers' outlook on income, business and the labor market in the short term, fell to 89.5 from 98.2.
