U.S. consumer confidence eased further in November amid persistent worries about the rising cost of living, a survey showed on Tuesday.
The Conference Board said its consumer confidence index fell to 100.2 this month from 102.2 in October. Economists polled by Reuters had forecast the index at 100.0. Still, the index remains above its COVID-19 pandemic lows. It places more emphasis on the labor market, which remains tight.
Consumers’ 12-month inflation expectations increased to 7.2% from 6.9% last month.
“Inflation expectations increased to their highest level since July, with both gas and food prices as the main culprits,” said Lynn Franco, senior director of Economic Indicators at The Conference Board in Washington. “The combination of inflation and interest rate hikes will continue to pose challenges to confidence and economic growth into early 2023.”
(This story has been refiled to correct a spelling error in the headline)