According to a survey released Tuesday, consumer confidence in the U.S. fell further in November as concerns about the rising cost of living persisted.

The Conference Board’s consumer confidence index went from 102.2 in October to 100.2 this month, reflecting a decrease in consumer confidence level. Reuters surveyed economic experts, who anticipated the index would be 100. Despite this, the index is still higher than during the COVID-19 pandemic. This places a greater emphasis on the labor market, which is competitive.

The 12-month inflation expectations of consumers rose from 6.9% in the previous month to 7.2%.

According to Lynn Franco, senior director of Economic Indicators at The Conference Board in Washington, “inflation expectations increased to their highest level since July, with both gas and food prices as the main culprits.” She also stated that inflation and interest rate increases will continue undermining confidence and economic development until early 2023.

 

Featured image: Pexels © Tim Douglas