Just three months ago Consumer Confidence was peaking at 8 year highs and everything was awesome. Now, with the biggest miss since March 2009, Consumer Confidence crashed to 90.4 from 99.1. This is the lowest since Septmeber 2014 as the "decline was mainly due to a less favorable view of the job market." Almost every cohort - across age, income, race saw a collapse in confidence though we note low income and under-35s saw the biggest declines as Income Growth expectations plunge to the lowest in 14 months.
That was not supposed to happen...
“Consumer confidence retreated in November, following a moderate decrease in October,” said Lynn Franco, Director of Economic Indicators at The Conference Board.
“The decline was mainly due to a less favorable view of the job market. Consumers’ appraisal of current business conditions, on the other hand, was mixed.
Fewer consumers said conditions had improved, while the proportion saying conditions had deteriorated also declined. Heading into 2016, consumers are cautious about the labor market and expect little change in business conditions.”