The United States Consumer Confidence continued to decline in November arriving at 100.2, down from 102.5 in October, data released by the Conference Board showed Tuesday.
In addition, the Present Situation Index decreased further in the same month, standing at 137.4 compared to October's reading of 138.7. The Expectations Index was also down at 75.4 from 77.9 recorded a month prior.
"Inflation expectations increased to their highest level since July, with both gas and food prices as the main culprits. Intentions to purchase homes, automobiles, and big-ticket appliances all cooled," Senior Director of Economic Indicators at The Conference Board Lynn Franco stated. He added that the mix of inflation and interest rate hikes will continue to hinder economic growth into early 2023 and that the Expectations Index coming below 80 "suggests the likelihood of a recession remains elevated."
