#USConsumerConfidence Copied

US consumer confidence fell more than expected in November amid a broad surge in COVID-19 cases and reimposed restrictions on business activity, renewing expectations for a sharp economic slowdown in the fourth quarter.

The Conference Board survey results on Tuesday follow reports this month that showed the smallest job gains and retail sales growth in October since the economy began recovering from the pandemic-induced recession in May.

New claims for unemployment benefits surged in mid-November, and the economy is losing momentum as more than $3 trillion in government stimulus expires. The money has helped millions of unemployed Americans make ends meet and made it easier for businesses not to lay off workers, leading to record economic growth in the third quarter.

The consumer confidence index fell to 96.1 this month from 101.4 in October. Economists polled by Reuters had forecast the index falling to 98 in November. It was 132.6 in February. The current situation index, based on consumers’ assessment of business and labor market conditions, fell to 105.9 from 106.2 in October. The expectations index, which measures consumers’ short-term outlook on income, business and the labor market, fell to 89.5 out of 98.2.