US Consumer Confidence Drops for Fifth Straight Month
US consumer confidence declined for a fifth consecutive month on more pessimistic views of the labor market and business conditions.
The Conference Board’s gauge decreased to 89.1, from 92.9 last month, data out Tuesday showed. The falling streak is now tied for the longest since 2008.
A gauge of present conditions sank to 116.8, the lowest since February 2021, while a measure of expectations for the next six months held steady in December.
The impact of high prices and concerns about the labor market have weighed on consumers all year, keeping the index stuck around some of the lowest levels since the pandemic. Job growth is sluggish, unemployment is rising and inflation remains above the Federal Reserve’s target.
Economists project that hiring will remain tepid next year and the unemployment rate will show little improvement, which could continue to weigh on confidence. They also anticipate wage growth will cool further in 2026, which stands to propel a divide in spending by income.
Source : Bloomberg.com
