Consumer confidence dipped for a fourth straight month in November as economic conditions weaken toward the end of 2019, according to data released this morning by the Conference Board. The Board’s consumer confidence index dipped to 125.5 this month, down from 126.1 in October.
This is just the latest piece of data pointing to weaker economic growth to end the year. The New York Federal Reserve’s Staff Nowcast, which estimates quarterly GDP growth, points to an expansion of just 0.7 percent in the fourth quarter. The Atlanta Fed’s GDPNow measure indicates growth of just 0.4 percent.
On the other hand, expectations for the holiday shopping season are strong. The National Retail Federation expects holiday sales to grow by about 4 percent from last year.