US consumer confidence declines
Over the past 4 months, the consumer confidence index (Conference Board) in the US hit a low against the backdrop of continued inflation and rising interest rates, writes worldfootwear.com
In November, the US consumer confidence index reached 100.2. It is at its lowest level since July, when its value was 95,7, against the backdrop of a sharp rise in gas prices and rising inflation.
In addition, the Expectancy Index, which reflects a six-month outlook for consumers, fell to 75,5, while the Current Situation Index, which measures consumers' attitudes towards current business and labor market conditions, fell to 137,4, the lowest level since April 2021. .
“The combination of inflation and rising interest rates will continue to pose challenges to confidence and economic growth in early 2023,” said Lynn Franco, director of economic performance for the Conference Board. The data shows that “intentions to buy houses, cars and expensive appliances have cooled,” she added, as the highest inflation in decades is forcing many low-income Americans to rely on credit cards and savings.
However, there is no acute concern among consumers yet. The US National Retail Federation expects holiday sales to increase in the range of 6% to 8%, or about $960,4 billion in value compared to the same period last year.
Over the past 4 months, the Consumer Confidence Index (Conference Board) in the US hit a low against the backdrop of continued inflation and rising interest rates, writes…
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