NEW YORK, Dec 24 (NNN-XINHUA) – The U.S. Consumer Confidence Index fell to 89.1 this month, down from November’s revised 92.9, The Conference Board reported, yesterday.
The figure is also lower than market expectations of 91.9, showing that, U.S. consumers are more pessimistic about current business and labour conditions, amid continued economic uncertainty as the year closes.
The Present Situation Index, based on consumers’ assessment of current business and labour market conditions, plunged 9.5 points to 116.8 in December. The Expectations Index, based on consumers’ short-term outlook for income, business and labour market conditions, held steady at 70.7, remaining below the recession threshold of 80.
Consumers’ assessments of current business conditions turned mildly pessimistic this month, with 18.7 percent of consumers saying business conditions were “good,” down from 21 percent in Nov, and 19.1 percent saying business conditions were “bad,” up from 15.8 percent.
Consumers’ views of the labour market were also weaker in December, as 26.7 percent of consumers said jobs were “plentiful,” down from 28.2 percent in November, and 20.8 percent said jobs were “hard to get,” up from 20.1 percent.
Looking ahead, consumers’ outlook for income prospects was slightly less positive in December, as 18.4 percent of consumers expected their incomes to increase, up from 17.6 percent in Nov, while 14.7 percent expected their incomes to decrease, up from 12.5 percent.
“Consumers’ write-in responses on factors affecting the economy continued to be led by references to prices and inflation, tariffs and trade, and politics,” said Dana Peterson, chief economist of The Conference Board. “However, December saw increases in mentions of immigration, war, and topics related to personal finances – including interest rates, taxes and income, banks, and insurance.”– NNN-XINHUA