American consumer confidence tumbled this month to a four-month low, amid a gloomy economic outlook, according to The Conference Board.
The U.S. economy has been facing persistently high inflation, energy shortages, and rising interest rates since last year, raising the risk of a severe recession in 2023.
The Conference Board’s Consumer Confidence Index fell to 100.2 in November from a revised 102.2 reading in October, according to the latest data released on Nov. 29.
Bloomberg’s median forecast survey of economists had expected a drop to 100.
The board’s expectations index, reflecting American consumers’ six-month outlook, dropped to 75.4 in November from 77.9.
The gauge of current conditions this month fell to 137.4 from 138.7 in October, the lowest it has been since April 2021, suggesting the economy has lost momentum as the year winds down….