People shopping at a Costco store
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U.S. consumer confidence dipped slightly in December, according to data from the Conference Board. The metric came in at 126.5 for the month, down from 126.8 in November. Economists polled by Reuters expected a reading of 128.2 for December.
The Conference Board also announced an upward revision to November’s reading.
“Consumer confidence declined marginally in December, following a slight improvement in November,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “While consumers’ assessment of current conditions improved, their expectations declined, driven primarily by a softening in their short-term outlook regarding jobs and financial prospects. While the economy hasn’t shown signs of further weakening, there is little to suggest that growth, and in particular consumer spending, will gain momentum in early 2020.”
The amount of consumers judging that business conditions are “good” remained unchanged at 38.7%, while those claiming that conditions were “bad” decreased to 11.1% from 13.6%.
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Correction: This story has been updated to reflect that consumer confidence dipped in December but rose slightly in November, based on revised data from The Conference Board.