#MarketBits: Consumer Confidence Falls
Updated: Jan 18
Consumer confidence fell more than expected for the month of November to 96.1 versus the anticipated 98.0 that economists had predicted. This number is a decline from the 101.4 reading in October likely due to the rise in the number of cases of COVID-19 and the anticipated potential of regional lockdowns. Worth noting that consumer confidence is often seen as a leading indicator for the economy as consumers are generally willing to spend more when they are more confident about their economic and financial outlook which in turn reflects on companies’ earnings and vice-versa.
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