Cleaning & Restoration Breaking News

US consumer confidence sinks to 8-month low in Nov

November 30, 2004
/ Print / Reprints /
/ Text Size+
NEW YORK, Nov 30 (Reuters) - U.S. consumer confidence fell to an 8-month low in November, according to data released on Tuesday which showed more satisfaction with the current state of the economy than with prospects for next year.

The Conference Board's gauge of consumer confidence fell to 90.5 from October's 92.9, the private business group said, and well under economists' average November forecast for 96.5.

While the present situation index edged up to 95.2 from 94.0, the expectations index declined to 87.4 from 92.2.

"Consumers are feeling a little bit better about current conditions, but they're worried about what may lie around the corner," said Gary Thayer, chief economist at A.G. Edwards and Sons in St. Louis, Missouri.

Even consumers' appraisal of current conditions was mixed. Those saying business conditions were good rose to 23.0 percent in November from 21.6 percent in October, while those who called them bad edged down to 20.5 percent from 21.4 percent.

But in a sign people remain troubled by the jobs picture, those saying jobs are "plentiful" decreased to 16.8 percent from 17.4 percent. Those who asserted jobs are "hard to get" rose to 28.1 percent from 27.9 percent.

"With consumers' assessment of current conditions holding steadfast and intentions to spend for the holiday season up from a year ago, the outlook for retailers is mildly encouraging," said Lynn Franco, director of the Conference Board's consumer research center.

"But looking beyond the holidays, the continuing erosion in expectations suggests consumers do not feel the economy is likely to gain major momentum in early 2005," she added.

Consumers anticipating business conditions will worsen in the next six months increased to 11.9 percent in November from 10.5 percent in October, while those expecting conditions to improve decreased to 19.3 percent from 20.7 percent. Those expecting fewer jobs to become available in the next six months rose to 19.7 percent from 18.3 percent while those anticipating more jobs to become available was nearly unchanged at 16.8 percent. Consumers expecting their incomes to improve edged down to 18.5 percent from 19.0 percent in October.

"The employment situation is a concern," said Thayer. "People feel that jobs are harder to get. They don't feel the improvement in the economy that the statistics show. There are still problems out there that consumers are focusing on like the high energy prices and slow job growth."

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.



Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.


Have a limited marketing budget but realize the importance of neighborhood marketing? Try doorknob hangers, a low-cost, yet highly effective way to drum up more business. In this episode, John Braun discusses the value of this tactic as well as what you should include on the materials you're hanging.
More Podcasts

ICS Cleaning Specialist Magazine


2014 September

The September issue of ICS features stories on moisture detection, disinfectant services, neighborhood marketing, then we discuss the last level of being phenomenal, and cool products.

Table Of Contents Subscribe

Social Media

Social media is a good way to regularly keep in touch and interact with current clients and reach potential ones. What social mediums do you use in your cleaning/restoration business?
View Results Poll Archive


Get Paid! book cover
Get Paid! (ebook)
Over 30 authors – over 40 articles…from attorneys, contractors, consultants, instructors and others, both inside and outside the restoration industry. R & R, C & R and Cleanfax, opened their archives and gave us the best they had, other chapters were created just for the “Get Paid!” book and its readers. And every one of them has ideas for how to get paid what you are owed.

More Products


Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view


Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view


facebook_40.png twitter_40px.png youtube_40px.pngcrc logo