NEW YORK, Nov. 27 (Xinhua) -- U.S. consumer confidence index declined in November for the first time in five months, a New York-based business research group reported on Tuesday.
The index stood at 135.7 this month, down from an 18-year record high of 137.9 in October. The present situation index, which was based on consumers' assessment of current business and labor market conditions, improved slightly, from 171.9 to 172.7. Meanwhile, the expectations index, based on consumers' short-term outlook for income, business and labor market conditions, decreased to 111.0 in November from October's rate of 115.1, according to latest figures from the Conference Board.
Consumers' optimism about the short-term future declined in November. The percentage of consumers expecting business conditions will improve over the next six months decreased from 26.3 percent to 22.5 percent, while those expecting business conditions will worsen increased, from 7.2 percent to 8.8 percent.
"Consumers' assessment of current conditions increased slightly, with job growth the main driver of improvement. Expectations, on the other hand, weakened somewhat in November, primarily due to a less optimistic view of future business conditions and personal income prospects. Overall, consumers are still quite confident that economic growth will continue at a solid pace into early 2019," said Lynn Franco, senior director of Economic Indicators at the Conference Board, adding that if expectations soften further in the coming months, the pace of growth is likely to begin moderating.
The consumer confidence index measures U.S. sentiment on current economic conditions and expectations for the next six months. Consumer spending accounts for about 70 percent of U.S. economic activity, drawing economists' attention to the numbers. Enditem
