Last Update: 24-Nov-15 10:22 ET
- The Conference Board's Consumer Confidence Index checked in at 90.4 for November. That was down sharply from an upwardly revised 99.1 reading for October (from 97.6) and was well below the Briefing.com consensus estimate, which stood at 99.6.
- The downturn was driven by a drop in both the Present Situation Index (from 114.6 to 108.1) and the Expectations Index (from 88.7 to 78.6).
- The Conference Board indicated that the decline was due mainly to a less favorable view of the job market. To that end, consumer anticipating more jobs in the months ahead fell from 14.4% to 11.6% while those anticipating fewer jobs jumped from 16.6% to 18.7%.
- On a related note, the proportion of consumers expecting their incomes to increase declined from 18.1% to 17.2% while those expecting a decline increased from 10.5% to 11.8%.
- This is not the messaging the Fed would like to hear and it is contributing to the argument that the Fed should refrain from raising the fed funds rate at its December 15-16 meeting.
|Employment ('plentiful' less 'hard to get')
|1 yr inflation expectations