The Conference Board Consumer Confidence Index fell in November to a reading of 109.5 from 111.6 in October. Still, the US economy remains on track to continue its expansion into early next year.
“Concerns about rising prices — and, to a lesser degree, the Delta variant — were the primary drivers of the slight decline in confidence,” said Lynn Franco, senior director of economic indicators at The Conference Board.
Consumers’ expectations for short-term growth prospects ticked up, but job and income prospects ticked down, Franco noted. The Conference Board also forecast a good holiday season for retailers and the current economic expansion is predicted to continue into early next year. However, she said both consumer confidence and spending face headwinds from rising prices and a potential resurgence of Covid-19 in coming months.