US Consumer Confidence Slumps In November As Hope Fades

After a mixed bag in October (present situation up, future hope down), analysts expected The Conference Board to report a worsening in overall consumer confidence in November (despite soaring stocks), and in fact things were worse than expected.

Headline consumer confidence slipped to 96.1 from 100.9 (well below the 98.0 expectation) as expectations tumbled from 98.2 to 89.5 and the present situation dropped modestly from an upwardly revised 106.2 to 105.9.

Source: Bloomberg

Interestingly, despite the drop in confidence, buying expectations rose for homes, cars, and major appliances, and expectations for rising incomes also rose modestly.