U.S. consumer confidence fell sharply in November while expectations of inflation remained well above the Fed’s target range of 2%.
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The College Board’s (TCB) Consumer Confidence Index (CCI) fell by 6.8 points to 88.7 as consumers dampened their short-term outlook on business and labor market conditions.
“Consumer confidence tumbled in November to its second lowest level since April after moving sideways for several months,” said TCB Chief Economist Dana M Peterson. “All five components of the overall index flagged or remained weak.”
*This is a developing story. Stay tuned for additional updates*
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