U.S. consumer confidence index likely to have dropped slightly in November – Wells Fargo

The U.S. Conference Board consumer sentiment index is expected to have dropped in the month of November. In the earlier month, the index continued to move upwards, rising 5.3 points to 125.9, which is the highest level for consumer sentiment since December 2000. The Consumer Confidence Index gauges the breadth of confidence rather than its magnitude.

Over the past year, the sentiment was up 24.9, signifying that more consumers are feeling positive about the economy than one year ago. During this period, consumers’ assessment of the present situation has increased 22.7 percent, while their expectations for economic conditions over the next six months has risen 26.9 percent. This implies that consumers feel more positive about the current state of the economy and its future prospects. According to a Wells Fargo research report, the consumer sentiment is likely to have dropped a bit in November to 124.9 from October’s 125.9. However, the index will remain near cycle-high levels.

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