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U.S. CB consumer confidence tumbles to 12-month low in November

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Investing.com -

Investing.com - U.S. consumer confidence deteriorated to a 12-month low in November, dampening optimism over the health of the economy, industry data showed on Tuesday.

In a report, the Conference Board, a market research group, said its index of consumer confidence sank to 90.4 this month from a reading of 99.1 in October, whose figure was revised from a previously reported 97.6. Analysts expected the index to rise to 99.5 in November.

The Present Situation Index decreased from 114.6 last month to 108.1 in November, while the Expectations Index declined to 78.6 from 88.7 in October.

Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, "The decline was mainly due to a less favorable view of the job market."

The monthly Consumer Confidence Survey, based on a probability-design random sample, is conducted for The Conference Board by Nielsen, a leading global provider of information and analytics around what consumers buy and watch. The cutoff date for the preliminary results was October 15.

EUR/USD was trading at 1.0649 from around 1.0638 ahead of the release of the data, GBP/USD was at 1.5078 from 1.5072 earlier, while USD/JPY was at 122.56 from 122.60 earlier.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 99.69, compared to 99.75 ahead of the report.

Meanwhile, U.S. stock markets were mildly lower after the open. The Dow 30 shed 0.25%, the S&P 500 dipped 0.35%, while the Nasdaq Composite was down 0.4%.

Elsewhere, in the commodities market, gold futures traded at $1,077.60 a troy ounce, compared to $1,075.80 ahead of the data, while crude oil traded at $43.20 a barrel from $43.22 earlier.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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