Consumer spending is unlikely to gain momentum in early 2020. The Conference Board Consumer Confidence Index decreased marginally in December, following a slight increase in November. The Index now stands at 126.5, down from 126.8 (an upward revision) in November.
“Consumer confidence declined marginally in December, following a slight improvement in November,” said Lynn Franco, director of economic indicators at The Conference Board. “While consumers’ assessment of current conditions improved, their expectations declined, driven primarily by a softening in their short-term outlook regarding jobs and financial prospects. While the economy hasn’t shown signs of further weakening, there is little to suggest that growth, and in particular consumer spending, will gain momentum in early 2020.”