Consumers hedge on confidence
November 28, 2006-- Home Textiles Today,
New York – Raising some questions about December holiday spending, consumer confidence fell for a second straight month in November as Americans continued to fret about a softer jobs market and an uncertain short-term outlook for the broad economy.
The widely watched bellwether of consumer sentiment and future spending slipped by 2.1% during November, backing off to a reading of 102.9, down from 105.1 in October, The Conference Board reported.
Even with the most recent slide, the confidence level is still roughly at the mid-point of its 13-month range and is 4.7% above a low point of 98.3 in November 2005.
“A tighter labor market and a more guarded short-term outlook have combined to curb consumers' confidence in November,” said Lynn Franco, director of the business think tank's 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.”
Related Content By Author
Industry Related Content
Online Moves From Afterthought To Main Thought For Textiles Suppliers