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First Cut: November Consumer Confidence still high, but labor market offering less support

The Conference Board’s Consumer Confidence Index for November was 125.5 after 126.1 in October. On the surface the decline was insubstantial, but underneath it looks like consumers’ long optimism about the labor market may be fraying a bit.

Confidence in present conditions was down 6.6 points to 166.9 in November and reflected lower confidence about present employment and business activity. Although consumers were also worried about future business activity, the six month expectations index was up 3.4 points to 97.9 due to improved perceptions of employment and earnings.

Slightly less positive sentiment about the present labor market has not yet affected the close future. Nonetheless, consumers are starting to lose some confidence that things are not going to be as good in the near term.

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