US: Consumer confidence waned in November – Wells Fargo

With virus case counts on the rise, consumer confidence waned in November with particular vulnerability in how people feel about the future, explained analysts at Wells Fargo. They point out a steady drumbeat of positive COVID-19 vaccine news may help in the coming months.

Key Quotes: 

“Consumer confidence slipped to 96.1 in November from an upwardly revised level of 101.4 in October. The fresh headlines in recent weeks about a new vaccine that could help end the pandemic may lift spirits in coming months.”

“The expectations component dropped 8.7 points. We suspect this category in particular could shoot higher as the vaccine news is fully digested, and even more so once it is deployed.”