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The Conference Board said its Consumer Confidence Index declined in November, following an improvement in October.
The Index stands at 135.7, down from 137.9 in October. The group also said its Present Situation Index, which is based on consumers' assessment of current business and labor market conditions, improved slightly during the month, from 171.9 to 172.7. The group’s Expectations Index, which is based on consumers' short-term outlook for income, business and labor market conditions, decreased from 115.1 last month to 111 this month.
Consumer confidence remains at historically strong levels despite the small decline in November, according to Lynn Franco, senior director of economic indicators at The Conference Board.
“Consumers’ assessment of current conditions increased slightly, with job growth the main driver of improvement,” Franco said in a statement announcing the results of the group’s monthly Consumer Confidence Survey. “Expectations, on the other hand, weakened somewhat in November, primarily due to a less optimistic view of future business conditions and personal income prospects. Overall, consumers are still quite confident that economic growth will continue at a solid pace into early 2019. However, if expectations soften further in the coming months, the pace of growth is likely to begin moderating.”