The following is a report from the Associated Press.
U.S. consumers were much less confident in the economy in November in the aftermath of the government shutdown, weak hiring and stubborn inflation.
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 Donald 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, the survey found. 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 Septemberafter healthy readings over the summer. 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. In recent years, consumer spending has held up even when the available data suggests they’ve grown more anxious.
