Consumer Confidence Plummets to Nine-Month Low on Inflation Concerns
The Conference Board’s measure of consumer conficence fell this month as rising Covid-19 infections soured the nation's outlook.
November 30, 2021 2 MIN
The Conference Board’s measure of consumer conficence fell this month as rising Covid-19 infections soured the nation's outlook.
"Red-hot demand for workers" will send U.S. jobless rate tumbling, the economists said.
Consumer confidence fell in November to the lowest level in a decade as inflationary concerns weighed on the mindsets of Americans.
Consumer prices rose last month at the fastest clip in more than three decades, signaling rates for home loans are likely to rise.
The U.S. unemployment rate dropped to the lowest level since the start of the Covid-19 pandemic as payroll gains in October rose to a three-month high.
The Federal Reserve's nearly $4 trillion of bond purchases doubled its balance sheet and caused mortgage rates to hit new lows 15 times last year.
Housing starts dipped by 1.6% in September and the number of permits reached a one-year low while homebuilders grappled with supply-chain gridlocks.
Homebuilder confidence rose in October, the second consecutive month of gains, despite ongoing supply chain bottlenecks as the pandemic continued to stymie deliveries.
The University of Michigan’s preliminary consumer sentiment index unexpectedly dropped to 71.4, the second-lowest reading since 2011, a report on Friday showed.
The Fed said it could begin reducing its asset purchases as early as next month, according to minutes released on Wednesday.
