US consumers were much less confident in the economy in November in the aftermath of the government shutdown, weak hiring, and stubborn inflation, reports the AP. The Conference Board said Tuesday that its consumer confidence index dropped to 88.7 in November from an upwardly revised October reading of 95.5, the lowest reading since April, when President Trump announced sweeping tariffs that caused the stock market to plunge. The figures suggest that Americans are increasingly wary of high costs and sluggish job gains, with perceptions of the labor market worsening.
Declining confidence could pose political problems for Trump and Republicans in Congress, as the dimmer views of the economy were seen among all political affiliations and were particularly sharp among independents, the Conference Board said. Earlier Tuesday, a government report showed that retail sales slowed in September after healthy summer readings. While economists forecast healthy growth for the July-September quarter, many expect a much weaker showing in the final three months of the year, largely because of the shutdown. Less-confident consumers may spend less, though the connection isn't always clear.
The proportion of consumers who said jobs are "plentiful" dropped to 27.6% in November, down from 28.6% in the previous month. At the same time, 17.9% said jobs are "hard to get," slightly below the 18.3% who said so in October. That figure is up from 15.2% in September. The figures on job availability are seen by economists as reliable predictors of hiring and the unemployment rate. Americans continue to worry about elevated costs, fueling the "affordability" concerns that were a key issue in elections earlier this month.
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