The Conference Board has announced the results of the Consumer Confidence Survey for November.  The index fell to 109.5, the lowest level since February, and was 2.1 points lower than for October.  The survey disclosed a disinclination for consumers to purchase large-ticket items including automobiles and household appliances. This was attributed to low availability, poor selection and higher prices.  Consumer spending increased in October and economists estimate that growth and GDP could attain an 8.6 percent annualized rate for November.  This compares to a 2.1 percent increase for the third quarter.

The survey was completed before the emergence of the Omicron variant although Oxford Economics considers that this factor will not have a material impact with their 7.9 percent projection of GDP growth for the fourth quarter and an increase in consumer spending of 6.5 percent.

Consumer expectation for inflation remains at a high level of 7.6 percent in November, up 0.5 percent from October.