Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.The Conference Board's index of consumer confidence fell to a four-month low of 88.6 this month, from 92.9, according to a TuesdayThe organization's Present Situation Index plummeted to 90.3 from 105.9, with soaring COVID-19 cases and stricter lockdown measures weighing on economic outlooks.
"Consumers do not foresee the economy gaining any significant momentum in early 2021," Lynn Franco, senior director of economic indicators at the Conference Board, said.US consumer confidence dashed expectations in December as soaring COVID-19 cases and warnings of full lockdowns cut into economic outlooks.
The Conference Board's index of consumer confidence fell to 88.6 this month from 92.9, according to a Tuesday. Economists surveyed by Bloomberg expected the gauge to climb to 97. The reading is the lowest since August. November's reading was also saw a downward revision. The organization's Present Situation Index — which measures consumers' assessment of current economic conditions — plunged to 90.3 from 105.9. A gauge of consumer expectations rose to 87.4 from 83.4 but failed to offset the dive in present-day confidence.
"It appears that growth has weakened further in the fourth quarter, and consumers do not foresee the economy gaining any significant momentum in early 2021," Lynn Franco, senior director of economic indicators at the Conference Board, said in a statement.
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