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A four-month low in consumer confidence is experienced in the face of high inflation and rising interest rates.

2022/11/30 (Nov 30th, 2022 12:37 am)
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The figures: In November, a survey of consumer confidence dropped to 100.2, the lowest level in four months, reflecting growing concern over a sluggish economy and possible recession.

According to a report released on Tuesday by the nonprofit Conference Board, the closely watched index fell 2 points from 102.2 in the preceding month.

Consumer confidence frequently indicates whether the economy is improving or deteriorating. High inflation caused the index to start declining in the spring, and now concerns are being increased by a slowing economy.

Key information Consumer confidence in the current state of the economy decreased from 138.7 in October to 137.4 in November.

Early in November, gas prices rose, which led to a drop in confidence.

A comparable six-month confidence index dropped to 75.4 from 77.9, which is a six-month low.

Overall: The Federal Reserve’s rapid increase in interest rates to control inflation is causing the economy to contract.

A recession might also happen if interest rates rise too much.

Looking forward According to Lynn Franco, senior director of economic indicators at the board, “the combination of inflation and interest rate hikes will continue to pose challenges to confidence and economic growth into early 2023.”

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