US consumer confidence falls from 17-year high
US consumer confidence declined in December from a 17-year high as Americans became less upbeat about the outlook for the economy and job prospects, according to figures on Wednesday from the New York-based Conference Board.
Confidence index fell to a three-month low of 122.1 (est. 128) from a revised 128.6 in November. Present conditions measure rose to 156.6, the highest since mid-2001, from 154.9.
Consumer expectations gauge dropped to 99.1, the lowest since November 2016, from 111.
Even with the latest cooling off, Americans remain upbeat, this month was the strongest December since 2000. While expectations about business conditions and job availability declined, the share of respondents who expected their incomes to rise in the next six months increased to the highest since March.
The data corroborate other measures showing people remain sanguine about the economy and their own situation. While the University of Michigan’s consumer sentiment index fell in December, it is also still elevated by historical standards.
“Despite the decline in confidence, consumers’ expectations remain at historically strong levels, suggesting economic growth will continue well into 2018,” Lynn Franco, director of economic indicators at the Conference Board, said in a statement.