WASHINGTON (Reuters) - U.S. consumer confidence fell more than expected in November amid a widespread resurgence in new COVID-19 infections and business restrictions, reinforcing expectations for a sharp slowdown in economic growth in the fourth quarter.
The survey from the Conference Board on Tuesday followed on the heels of reports this month showing a moderation in job growth and retail sales in October. The number of people filing new claims for unemployment benefits increased in mid-November.
The economy is losing speed as more than $3 trillion in government coronavirus relief has lapsed. The fiscal stimulus helped millions of unemployed Americans cover daily expenses and small-to-medium sized companies keep workers on payrolls, leading to record economic growth in the third quarter.
The consumer confidence index dropped to a reading of 96.1 this month from 101.4 in October. Economists polled by Reuters had forecast the index falling to a reading of 98 in November. The index was at 132.6 in February.
The survey’s present situation measure, based on consumers’ assessment of current business and labor market conditions, slipped to a reading of 105.9. from 106.2 in October.
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