Consumer Confidence Takes Unexpected Dip

The Conference Board's November index comes in at 82.2, its lowest level since early 1994.
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U.S. consumer confidence unexpectedly fell in November, the fifth decline in a row, according to the Conference Board.

The index fell to 82.2 in November from 85.3 in October, the lowest level it's touched since February 1994. Economists polled by

Reuters

had expected the index to rise to 87.9.

The fall in the confidence index is at odds with the University of Michigan Sentiment Index, which last week showed a slight gain in November. Furthermore, the decline was almost entirely due to the "present situation" component of the index. More consumers expect the economy and the job situation to improve over the next half year than they did in October, according to the Conference Board.

Despite the cross-currents, the stock market pulled back on the news, with the S&P 500 lately down roughly 10 points from where it was at the report's 10 a.m. EST release. The bond market caught something of a bid on the news, and the benchmark 10-year Treasury's yield is back below 5% again.