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US Consumer Spending Unlikely to Grow Soon

Momentum lacking after December drop in confidence, according to The Conference Board.
Jan 6, 2020 4:10 AM   By Rapaport News
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Consumer confidence fell slightly in December, The Conference Board reported, forecasting that spending would not improve significantly in early 2020.

The business-data provider’s Consumer Confidence Index decreased marginally in December to 126.5 from 126.8 in November, reflecting Americans’ lower short-term expectations for income and jobs. Consumers’ assessment of current market conditions improved, according to the survey, which data company Nielsen carries out monthly for The Conference Board.

“While the economy hasn’t shown signs of further weakening, there is little to suggest that growth, and in particular consumer spending, will gain momentum in early 2020,” said Lynn Franco, The Conference Board’s director of economic indicators, in a December 31 statement.

The University of Michigan’s monthly Surveys of Consumers was more positive about December, reporting steady sentiment at the end of the month. President Donald Trump’s impeachment hearing had a “barely noticeable impact on economic expectations,” according to Richard Curtin, the survey’s chief economist.

Image: A shopping mall in Marlborough, Massachusetts. (Massachusetts Office of Travel & Tourism/Flickr)
Tags: conference board, consumer confidence, Consumer Confidence Index, Consumer Spending, data, Donald Trump, Lynn Franco, Nielsen, Rapaport News, retail, Richard Curtin, sentiment, Surveys of Consumers, the Conference Board, University of Michigan, US
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