US consumer confidence weakens in November, inflation expectations jump

After showing some enthusiasm in the late summer and early fall, consumers are losing patience in this economy again.

In November, the Conference Board’s Consumer Confidence Index (CCI) tumbled to 100.2, down from 102.2 in October. Consumers’ inflation expectations also climbed this month to the highest since July, which researchers attribute to higher food and gasoline prices.

The Present Situation Index and the Expectations Index both weakened in November.

“Consumer confidence declined again in November, most likely prompted by the recent rise in gas prices,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board, in a statement. “The Present Situation Index moderated further and continues to suggest the economy has lost momentum as the year winds down. Consumers’ expectations regarding the short-term outlook remained gloomy. Indeed, the Expectations Index is below a reading of 80, which suggests the likelihood of a recession remains elevated.”

Here is a historical chart of the CCI since 2006: