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Consumer confidence slides as Americans grow wary of high costs and sluggish job gains
FILE - A shopper selects a carton of 18 Large Grade A eggs from a cooler in a Costco Warehouse in Cranberry, Pa., Jan. 28, 2025. (AP Photo/Gene J. Puskar, File)
FILE - A shopper selects a carton of 18 Large Grade A eggs from a cooler in a Costco Warehouse in Cranberry, Pa., Jan. 28, 2025. (AP Photo/Gene J. Puskar, File)
Consumer confidence slides as Americans grow wary of high costs and sluggish job gains
Summary:
- Consumer confidence fell to 88.7 in November, second-lowest since April
- Americans increasingly worried about inflation and weak hiring
- Retail sales also slowed as shutdown pressures economic outlook
WASHINGTON (AP) — U.S. consumers were much less confident in the economy in November in the aftermath of the government shutdown and amid weak hiring and stubborn inflation.
The Conference Board said Tuesday that its consumer confidence index dropped to 88.7 in November from an upwardly revised October reading of 95.5, the second-lowest reading since April, when President Donald Trump announced sweeping tariffs that caused the stock market to plunge.
The figures suggest that Americans are increasingly wary of high costs and sluggish job gains, with perceptions of the labor market worsening, the survey found. Declining confidence could pose political problems for Trump and Republicans in Congress, as the dimmer views of the economy were seen among all political affiliations and were particularly sharp among independents, the Conference Board said.
Earlier Tuesday, a government report showed that retail sales slowed in September after healthy readings over the summer. While economists forecast healthy growth for the July-September quarter, many expect a much weaker showing in the final three months of the year, largely because of the shutdown.
