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Released: Nov 28, 2023, 15:22 UTC – 1min read
Find out the latest details about consumer confidence in the US in the recent release from The Conference Board. The report suggested that customers remained focused on increasing rates.
Key Insights
- CB Consumer Confidence reduced from 102.6 in October to 102 in November.
- Present Situation Index decreased from 138.6 to 138.2.
- Expectations Index enhanced from 72.7 to 77.8.
On November 28, The Conference Board launched CB Consumer Confidence report for November, The report suggested that Consumer Confidence decreased from 102.6 in October to 102 in November, compared to expert agreement of 101.
The Present Situation Index, based on customers’ evaluation of existing company and labor market conditions, decreased from 138.6 in October to 138.2 in November. The Expectations Index increased from 72.7 to 77.8. It is important to note that the Expectations Index remains below the 80 level for a third consecutive month, which historically indicates an economic crisis.
The Conference Board commented: “Consumer confidence increased in November, following 3 successive months of decrease […] Write-in actions revealed that customers remain preoccupied with increasing rates in general, followed by war/conflicts and higher interest rates.”
The U.S. Dollar Index settled near the 103.00 level after the release of the CB Consumer Confidence report. Today, the U.S. Dollar Index tested new lows near 102.90 as traders continued to prepare for potential rate cuts in the first half of 2024.
Gold continued its efforts to settle above the $2025 level. The U.S. dollar’s pullback served as a crucial bullish driver for gold markets.
The SP500 retraced towards the 4240 level as traders took profits near multi-month highs. At this point, the SP500 needs significant catalysts to continue its strong rally. The better-than-expected CB Consumer Confidence report is not sufficient to push stocks higher.
For a look at all of today’s economic events, check out our economic calendar.
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