US consumer confidence drops to 9-month low on inflation and Covid worries
The numbers: Consumer confidence in November fell to a nine-month low on worries about high inflation – and optimism could drop again if a new strain of coronavirus is resistant to a further vaccine. continue to spread.
The consumer confidence index fell to 109.5 from 111.6 in October, the Conference Board said on Tuesday. This is the 4th drop in the past 5 months.
Economists polled by The Wall Street Journal had forecast a drop to 110.
Big picture: Americans were worried about the sharpest increase in US inflation in 10 years. Now, the new omicron strain of the coronavirus is raising new worries.
So far, however, neither soaring prices nor the virus have stopped people from spending. Stronger spending has given the economy a boost. The tight labor market, easy to find jobs also partly eased consumers’ worries.
Market reaction: Market reaction: Dow Jones Industrial Average
DJIA,
and S&P 500
SPX,
sunk in the third transaction.
US consumer confidence drops to 9-month low on inflation and Covid worries
