U.S. Consumer Confidence Deteriorates For Fifth Straight Month In December

(RTTNews) - Consumer confidence in the U.S. deteriorated for the fifth consecutive month in December, according to a report released by the Conference Board on Tuesday.

The Conference Board said its consumer confidence index slid to 89.1 in December from an upwardly revised 92.9 in November.

Economists had expected the consumer confidence index to rise to 91.9 from the 88.7 originally reported for the previous month.

"Despite an upward revision in November related to the end of the shutdown, consumer confidence fell again in December and remained well below this year's January peak," said Dana M Peterson, Chief Economist, The Conference Board.

She added, "Four of five components of the overall index fell, while one was at a level signaling notable weakness."

The report said the present situation index plummeted to 116.8 in December from 126.3 in November, while the expectations index held steady at 70.7.

The Conference Board noted the expectations index has now tracked under 80 for 11 consecutive months, the threshold below which the gauge signals recession ahead.