Consumer Confidence Continues Downward Slide
The latest consumer confidence survey by the University of Michigan/Reuters shows consumer confidence falling to 66.0 (preliminary results) from the end-Oct reading of 70.6. Economists expected the reading for early November to rise to 71.8.
Consumer expectations also fell for the same time period, dipping to 63.7 from 68.6 in October. Worries about increasing unemployment helped to dim economic prospects for the rest of the year.
The 12-month economic outlook index fell to 67 from the October figure of 81, the lowest since last April.
Retailers were hoping for better news as consumers head into the holiday buying season.
The Michigan confidence index is a monthly survey with a normalized index value of 100. Stocks opened higher ahead of the news.
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