By Ovunc Kutlu
ANKARA (AA) - US consumer confidence declined in November to its lowest level in nine months, according to data released Tuesday by The Conference Board.
The Consumer Confidence Index, a leading indicator to predict consumer spending and economic activity, fell 2.1 points to 109.5 in November, from 111.6 in October.
The market consensus was for it to come in at 111.0. The latest reading is the lowest since 95.2 in February.
"Expectations about short-term growth prospects ticked up, but job and income prospects ticked down. Concerns about rising prices—and, to a lesser degree, the Delta variant—were the primary drivers of the slight decline in confidence," Lynn Franco, Senior Director of Economic Indicators at The Conference Board, said in a statement.
"Meanwhile, the proportion of consumers planning to purchase homes, automobiles, and major appliances over the next six months decreased," Franco added.
The Present Situation Index, based on consumers’ assessment of current business and labor market conditions, fell to 142.5 from 145.5 last month.
The Expectations Index, based on consumers’ short-term outlook for income, business, and labor market conditions, declined to 87.6 from 89.0, according to the report.