US consumer confidence tumbles to lowest level since April

"A sluggish job market lowers consumer confidence but may also lead to another rate cut from the Federal Reserve by the end of the year. United States consumer confidence sagged in November as households worried about jobs and their financial situation, likely in part because of the recently ended government shutdown. The Conference Board said on Tuesday its consumer confidence index dropped to 88.7 this month, from an upwardly revised 95.5 in October, hitting its lowest level since April."

"list of 4 itemsend of list Economists polled by the Reuters news agency had forecast the index edging down to 93.4 from the previously reported 94.6 in October. Consumers' write-in responses pertaining to factors affecting the economy continued to be led by references to prices and inflation, tariffs and trade, and politics with increased mentions of the federal government shutdown, said Dana Peterson, chief economist at the Conference Board."

"The overall tone from November write-ins was slightly more negative than in October. Consumer confidence remained low among all income brackets. While confidence among those who make less than $15,000 annually ticked up slightly, it still remained the group with the lowest consumer confidence. The consumer confidence report was released amid a slowing labour market. The September jobs report, released late last week, showed 119,000 jobs were added to the US economy as the unemployment rate ticked up 0.1 of a percentage point to 4.4"

US consumer confidence fell to 88.7 in November from 95.5 in October, the lowest since April, as households worried about jobs and finances. Write-in responses emphasized prices, inflation, tariffs, trade and politics, with increased mentions of the recent government shutdown. Confidence weakened across income brackets, remaining lowest among households earning under $15,000. The jobs report showed 119,000 payroll additions and unemployment ticked to 4.4 percent, reflecting a slowing labour market. The government shutdown limited federal data collection, constraining assessment of current conditions. The weaker labour-market backdrop reduces major purchases and may raise odds of a Fed rate cut by year-end.

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