By Mucahithan Avcioglu
ISTANBUL (AA) - The Conference Board's US Consumer Confidence Index fell 9.7 points to 84.5 in December, marking its lowest since 2014, according to survey data released Tuesday.
The figure for November was revised upwards to 94.2, while markets expected the figure to come in at 90.6 for December.
The Present Situation Index, which reflects consumers' assessments of current job and labor market conditions, fell 9.9 points to 113.7 in December.
The Expectations Index, which is consumers' short-term assessments of income, job, and labor market conditions, declined 9.5 points to 65.1, well below the threshold of 80 that usually signals a recession ahead.
“Confidence collapsed in January, as consumer concerns about both the present situation and expectations for the future deepened,” said Dana Peterson, chief economist at the Conference Board.
She said all five components of the index deteriorated, driving the overall Index to its lowest since May 2014, surpassing coronavirus pandemic depths.
Peterson said perceptions of employment conditions also edged lower, with the labor market differential -- the share of consumers saying jobs are “plentiful” minus the share saying jobs are “hard to get” --continuing to flag.
"All three Expectations Index components also weakened in January. Expectations for business and labor market conditions six months from now fell further into negative territory. The outlook for household incomes became less positive," she added.