Consumer Confidence Falls in December After Hitting 17-Year High Last Month
By Josh Zumbrun
A measure of U.S. consumer confidence fell in December after having reached its highest level in 17 years in November.
The Conference Board on Wednesday said its index of U.S. consumer confidence fell to 122.1 in December from 128.6 in November, which was a 17-year high. Economists surveyed by The Wall Street Journal had expected a December reading of 128.2.
"The decline in confidence was fueled by a somewhat less optimistic outlook for business and job prospects in the coming months," said Lynn Franco, Director of Economic Indicators at The Conference Board. "Consumers' assessment of current conditions, however, improved moderately. Despite the decline in confidence, consumers' expectations remain at historically strong levels, suggesting economic growth will continue well into 2018."
Consumer's assessment of their current situation increased slightly from November while their expectations for the future declined.
The Conference Board's Present Situation Index increased to 156.6 from 154.9 last month while the Expectations Index declined to 99.1 from 111.0 last month. The indexes are defined so that 100 equals the level of confidence in 1985.
Write to Josh Zumbrun at Josh.Zumbrun@wsj.com
(END) Dow Jones Newswires
December 27, 2017 10:33 ET (15:33 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.