In this Tuesday, Sept. 15, 2020, file photo, passers-by examine a storefront window in Boston's fashionable Newbury Street shopping district. U.S. consumer confidence dipped slightly in October as a new wave of coronavirus cases began across the country. The Conference Board reported Tuesday, Oct. 27, 2020, that its consumer confidence index fell to a reading of 100.9, from 101.8 in September. (AP Photo/Steven Senne)
By Martin Crutsinger
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 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. It stood at 132.6 in February but plunged to 85.7 in April as millions of Americans lost their jobs after the country went into lockdown to try to halt the spread of the pandemic.
The index has bounced around since its big April decline but remains well below the levels reached before the pandemic hit.
The Federal Trade Commission is suing to block a proposed merger between the two grocery stores. The FTC says the $24.6 billion deal would eliminate competition and lead to higher prices for millions of Americans.
Terecircuits CEO Wayne Rickard explains some of the other companies set to benefit from the Nvidia-led chipmaking rally, including manufacturing and toolmaking companies.
Axios reporter Erin Doherty breaks down the results from the South Carolina primary as former President Trump gets closer to winning the GOP nomination.
Jay Woods of Freedom Capital Markets shares thoughts on how the latest inflation report will impact the market, and why he expects a ‘cascade’ of IPOs if Reddit’s public debut goes well.
During AT&T's widespread outage Thursday, landline phones were a working alternative — which most of the U.S. does not have. Over half of Americans are estimated to have ditched landlines altogether.
Jade Kearney Dube, Founder & CEO of She Matters talks the Symptom Tracker app, cultural competency for healthcare providers, and being a Black woman CEO looking for funding.
