Consumer confidence in the US dipped in November, falling again during a period that includes part of the critical holiday shopping season, according to a report Tuesday.
The Conference Board’s index declined to 125.5 in November from 126.1, missing analyst expectations. It was the fourth straight monthly decline.
The survey showed a fall in consumers’ appraisal of current-day conditions in November, partly offset by a modest improvement in consumer expectations about the next six months.
The drop in the view of current conditions suggests growth in the fourth quarter of 2019 will be “weak,” but “overall confidence levels are still high and should support solid spending during the holiday season,” said Lynn Franco, senior director of economic indicators at the Conference Board, a non-profit business research organization.
Most analysts are still fairly upbeat on the holiday shopping season in the US this year despite somewhat higher recession fears, noting that the job market remains strong and that the stock market stands at records.
Jim O’Sullivan, chief US economist at High Frequency Economics, characterized US consumer confidence as “weaker than expected, but still not weak.”