NEW YORK-The consumer confidence index gained 0.8 point in November’s survey, finishing at 49.5.
According to The Conference Board, which provides the indicator each month, the slight pickup owed to somewhat rosier expectations for the U.S. economy’s future among the 5,000 households surveyed for the index.
“The moderate improvement in the short-term outlook was the result of a decrease in the percent of consumers expecting business and labor-market conditions to worsen, as opposed to an increase in the percent of consumers expecting conditions to improve,” said Lynn Franco, director of the board’s Consumer Research Center.
Looking ahead, the percentage of consumers expecting economic conditions to worsen in the next six months slipped from 18.2 percent in October’s survey to 15.1 percent this month. Also, the share of consumers expecting fewer jobs in the next half-year fell from 26.1 percent last month to 23.1 percent in this survey.
Nevertheless, retailers shouldn’t expect a new rush to the stores from consumers feeling slightly better about the business climate. “Income expectations remain very pessimistic, and consumers are entering the holiday season in a very frugal mood,” Franco said.