Consumers are feeling the worst about the economy since June. The Conference Board’s Consumer Confidence Index declined in November, the group said Tuesday, despite expectations that lower oil prices would lead to a strong number.
November’s 88.7 figure marked a decrease from a revised 94.1 in October. According to Reuters, economists had expected a reading of 96.0 for November. It was the lowest reading since June, when it registered 86.4.
October was originally reported as 94.5. “Consumer confidence retreated in November, primarily due to reduced optimism in the short-term outlook. Consumers were somewhat less positive about current business conditions and the present state of the job market; moreover, their optimism in the short-term outlook in both areas has waned,” Lynn Franco, director of economic indicators at The Conference Board, said in a statement. “However, income expectations were virtually unchanged and gas prices remain low, which should help boost holiday sales.”