WASHINGTON – U.S. consumer confidence fell to a reading of 96.1 in November as rising coronavirus cases pushed American optimism down to the lowest level since August.The November reading released Tuesday by the the Conference Board said represents a drop from a revised 101.4 in October.
The decline reflected a big drop in consumer expectations for income, business and labor market conditions.The consumer confidence index is set on a scale with 100 equaling the confidence level in 1985.In the leadup to the pandemic with the country enjoying unemployment at a half-century low of 3.9%, the confidence index had risen above 130.