Consumer confidence improves moderately
Shoppers walk with their purchases in the SoHo neighborhood of New York, November 22, 2008.
Credit: Reuters/Chip East
NEW YORK (Reuters) - Consumer confidence improved moderately in November from a record low in October, with the "present situation index" slipping slightly but the expectations index improving, according to a business research company index released on Tuesday.
The Conference Board Consumer Confidence Index stood at 44.9 in November, up from 38.8 in October. The median forecast of economists polled by Reuters was for a reading of 37.9.
The Present Situation Index decreased to 42.2 in November from 43.5 in October. The Expectations Index rose to 46.7 in November from 35.7 in October.
Inflation expectations subsided considerably as a result of falling gasoline prices, said Lynn Franco, director of the Conference Board's Consumer Research Center.
"The persistent declines in the Present Situation Index suggest that the economy has weakened further in the final months of this year," said Franco.
"Despite the improvement in the Expectations Index in November, consumers remain extremely pessimistic and the possibility that economic growth will improve in the first half of 2009 remains highly unlikely," she said.
(Reporting by Ellen Freilich; Editing by James Dalgleish)
