US consumers more confident than expected in November
US consumer confidence rose more than expected in November, reversing direction after a recent decline, with the mood lifted primarily among the over-55s, according to survey data published on Tuesday. The consumer confidence rose to 102.0 this month from a revised 99.1 in October, the Conference Board announced in a statement. This was slightly higher than the median expectation of economists surveyed by MarketWatch of 101. "Consumer confidence increased in November, following three consecutive months of decline," the Conference Board's chief economist, Dana Peterson. "November's increase in consumer confidence was concentrated primarily among householders aged 55 and up," she continued, adding that confidence had declined slightly among householders aged 35-54. Worryingly, the Conference Board's Expectations Index – reflecting consumers' short-term outlook – remained below the level that "historically signals a recession within the next year," Peterson said. Around two-thirds of respondents still expected a recession to be "somewhat" or "very likely" to occur over the next 12 months, she added. "Still-positive job growth, cooling inflation and rising incomes should be positive for households," high Frequency Economic Chief US Economist Rubeela Farooqi wrote in a note to clients. But she noted that the sentiment readings "remain well below pre-pandemic levels and bear watching for signals about more caution on the part of consumers going forward." (AFP)