Covid-19 Resurgence Hits Consumer Confidence
US consumer confidence fell almost 5% this month amid the latest coronavirus wave, according to the Conference Board.
The business data group’s Consumer Confidence Index declined to 88.6 in December, from 92.9 in November, it reported Tuesday. Americans gave a weaker assessment of current business and labor conditions — a fact that outweighed an improvement in their short-term outlook for the economy.
Participants in the survey, which ran until December 14, said they were less likely to go on vacation, after this measure improved in October, noted Lynn Franco, the Conference Board’s senior director of economic indicators. However, the extra time they spent at home made them more willing to buy appliances.
“Overall, it appears that growth has weakened further in [the fourth quarter], and consumers do not foresee the economy gaining any significant momentum in early 2021,” Franco said.
The Conference Board, a nonprofit think tank, bases its monthly confidence data on consumer surveys carried out by Nielsen, an information and analytics provider.
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