Consumer confidence drops in November

This month’s decline also took the headline index back below its long-term average of 93.4 to the lowest reading since September 2014.

The Treasury market remains higher on the day, mostly due to increased geopolitical risks after Turkey downed a Russian military jet.

Americans are losing faith in the job market.

The Conference Board said its Consumer Confidence Index dropped to 90.4 in November, its weakest level of the year, after falling to a revised 99.1 in October from 97.6.

In a client preview, Barclays economists wrote, “The preliminary estimate of the University of MI survey showed a healthy increase in November, with broad-based support from current conditions and consumer expectations”. “Heading into 2016, consumers are cautious about the labor market and expect little change in business conditions”, said Lynn Franco, director of economic indicators at The Conference Board.

Consumers’ assessment of current conditions was less positive in November. In this month’s report, the “Jobs Plentiful’ component fell by 2.8 points to 19.9, and that follows a 2.1 point decline in October”.

The percentage of consumers expecting business conditions to improve over the next six months slid to 14.8% from 18.1%, while those expecting business conditions to worsen edged up to 11.0% from 10.4%.

In the housing market, prices rose almost 6% in September compared to a year ago, the most in 13 months. 9 percent from 22.7 percent last month.

Photo at top: Consumer confidence declined in November, which may be bad news for retailers during the holiday selling season. Those who expect their incomes to increase fell to 17.2 percent from 18.1 percent. Our mission is unique: To provide the world’s leading organizations with the practical knowledge they need to improve their performance and better serve society.