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Consumer confidence slipped slightly in November as job and wage prospects dimmed, but still remained near historically strong levels, according to data released on Tuesday.
The Conference Board's Consumer Confidence Index slipped more than expected to 135.7 this month. Economists polled by Refinitiv expected the consumer confidence index to slip to 135.9 in November from 137.9 in October.
"Consumers' assessment of current conditions increased slightly, with job growth the main driver of improvement. Expectations, on the other hand, weakened somewhat in November, primarily due to a less optimistic view of future business conditions and personal income prospects," Lynn Franco, Senior Director of Economic Indicators at The Conference Board, said in a statement. "Despite a small decline in November, Consumer Confidence remains at historically strong levels."
The Board's present situation index, which tracks how consumers feel about current business and labor conditions, climbed to 172.7 in November from 171.9 in the prior month. But the expectations index — which measures consumers' outlook on income, business and labor conditions — fell to 111 from 115.1.
The decline in business, income and labor expectations comes amid increasing fears that global economic growth could slow down. These worries have contributed to sharp losses in the U.S. stock market. Since hitting an all-time high on Sept. 21, the S&P 500 is down about 9.1 percent, trading near correction territory.