November delivers another hit to sinking consumer confidence
A sales associate processes the purchase of a hard drive at a Best Buy store after doors opened at 5 a.m. Friday, Nov. 26, 2021, in Lone Tree, Colo. Supply shortages, higher prices and staffing issues are problems that both retailers—and consumers—are grappling with as the holiday shopping season slides into high gear with Black Friday. (AP Photo/David Zalubowski)[ASSOCIATED PRESS/David Zalubowski]
WASHINGTON (AP) — U.S. consumer confidence fell to a nine-month low in November, clipped by rising prices and lingering concerns about the coronavirus.
The Conference Board reported Tuesday that its consumer confidence index dropped to a reading of 109.5, down from 111.6 in October. It was the lowest reading since the index stood at 95.2 in February and would not include the ramifications of omicron, a new variant of the coronavirus that has begun to spread.
The Conference Board said that concerns about rising prices and to a lesser degree lingering worries about the delta variant were the primary drivers of the decline.
There was an even larger drop this week in the University of Michigan’s gauge of consumer sentiment, which fell in November to a decade-low for many of the same reasons.
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FILE - A shopper emerges from a Kohl's store on Black Friday, on Nov. 26, 2021, in Everett, Mass. U.S. consumer confidence fell to a nine-month low in November, clipped by rising prices and lingering concerns about the coronavirus. The Conference Board reported Tuesday, Nov. 30, 2021 that its consumer confidence index dropped to a reading of 109.5, down from 111.6 in October. (AP Photo/Josh Reynolds)
Photo: ASSOCIATED PRESS/JOSH REYNOLDS