American consumers are entering the holiday season feeling gloomier about the economy amid ongoing high inflation and layoffs in the tech sector, depressing U.S. consumer confidence for the second straight month in November.
The Conference Board reported Tuesday that its consumer confidence index fell to 100.2 this month, down from 102.2 in October. November's figure is the lowest since July, and likely reflected an uptick in gas prices earlier this fall, said Lynn Franco, senior director of economic indicators at the Conference Board.
The latest readings show a"tale of two incomes," according to Jeffrey Roach, Chief Economist for LPL Financial, in an email. And the board's expectations index — a measure of consumers' six-month outlook for income, business and labor conditions -- declined to 75.4 from 77.9 last month.Still, Americans opened their wallets on Black Friday and over the post-Thanksgiving weekend. Spending on Black Friday jumped 12% compared with a year ago, according to MasterCard Spending Pulse, though that figure is not adjusted for inflation.
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