"A tighter labor market and a more guarded short-term outlook have combined to curb consumers' confidence in November," says Lynn Franco, Director of The Conference Board Consumer Research Center. "Despite this retreat in confidence, the overall level of confidence remains favorable and continues to suggest that the economy will expand throughout the first half of next year."
Consumers' appraisal of current conditions was less positive than in October. Those claiming conditions are "good" declined to 26.5 percent from 27.9 percent. Those claiming conditions are "bad" remained unchanged at 16.8 percent. Labor market conditions were also less favorable than last month. Those saying jobs are "hard to get" rose to 22.4 percent from 21.8 percent. Those claiming jobs are "plentiful" increased slightly to 25.8 percent from 25.6 percent in October.
Consumers' short-term outlook was less optimistic in November than in October. Those expecting business conditions to improve in the next six months decreased to 15.1 percent from 18.5 percent. Those anticipating business conditions to worsen, however, decreased to 8.5 percent from 10.0 percent.
The outlook for the labor market remained mixed. Consumers expecting more jobs to become available in the coming months decreased to 13.1 percent from 15.1 percent, while those anticipating fewer jobs also decreased to 16.7 percent from 18.0 percent. The proportion of consumers expecting their incomes to increase in the months ahead edged up to 20.7 percent from 20.0 percent in October.
