U.S. consumer confidence fell to a nine-month low in November, clipped by rising prices and lingering concerns about the coronavirus.
The Conference Board reported Tuesday that its consumer confidence index dropped to a reading of 109.5, down from 111.6 in October. It was the lowest reading since the index stood at 95.2 in February and would not include the ramifications of omicron, a new variant of the coronavirus that has begun to spread.
The Conference Board said that concerns about rising prices and to a lesser degree lingering worries about the delta variant were the primary drivers of the decline.
There was an even larger drop this week in the University of Michigan s gauge of consumer sentiment, which fell in November to a decade-low for many of the same reasons.
