The economist noted in a post on X that the decline in consumers’ expectations of the future condition was due to a “mix of lingering price worries and growing employment income insecurity.”
Mohamed El-Erian, Chief Economic Advisor at Allianz, on Tuesday listed out three disappointing aspects of the latest Consumer Confidence report.
The economist noted in a post on X that the decline in consumers’ expectations of the future condition was due to a “mix of lingering price worries and growing employment income insecurity.”
The Conference Board survey for November showed consumer confidence at 88.7, below a Dow Jones estimate of 93.2, as cited by MarketWatch. This was the lowest reading since April, according to the report. El-Erian also noted that the current conditions component of the index has fallen to its lowest level since 2021.
“All five components of the overall index flagged or remained weak. The Present Situation Index dipped as consumers were less sanguine about current business and labor market conditions,” said Dana M Peterson, Chief Economist, The Conference Board.
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