Consumer Confidence Improves
Some good news: The Conference Board’s Consumer Confidence Index improved slightly in November, up 6.1 points to 44.9. The flip side is that there was nowhere to go but up, since the index hit a record low of 38.8 in October (1985=100).
The Present Situation Index slipped to 42.2 from 43.5 last month, and the Expectations Index increased to 46.7 from 35.7 in October.
Consumer plans for buying big-ticket items in the next six months were down from October levels, with 1.9 percent planning on purchasing a home, off from 2.6 percent in October; 3.7 percent expecting to buy an automobile, down from 4.5 percent last month; and 23.8 percent anticipating a major appliance purchase, down from 26.5 percent in October.