Economics
U.S. Consumer Confidence Drops to Five-Month Low
- Confidence gauge down to 128.1 from 136.4; estimate was 133.5
- Measure of job prospects suffered the biggest drop since 1977
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U.S. consumer confidence slumped in December to the lowest since July as a gauge of labor market expectations fell by the most in 41 years, the latest sign Americans are growing less optimistic as stock markets gyrate and the expansion moderates.
The confidence index decreased to 128.1 from 136.4, according to a report Thursday from the New York-based Conference Board. That missed every economist estimate in Bloomberg’s survey, which called for 133.5. A measure of consumer expectations fell to a two-year low while the share of people expecting more jobs in the next six months decreased to 16.6 percent from 22.7 percent, the biggest drop since 1977.