According to figures from the Conference Board, U.S. consumer confidence dropped to 122.1 in December. The number is lower than 128.6 in November, which is the highest level in 17 years. The decline was because Americans became less optimistic about the outlook for economy and job prospects.
“Despite the decline in confidence, consumers’ expectations remain at historically strong levels, suggesting economic growth will continue well into 2018,” Lynn Franco, the director of economic indicators at the Conference Board, said in a statement.
Consumers’ assessment of current conditions increased from 154.9 to 156.6, which is the highest level since June 2001, however, their outlook for the next six months dropped from 111 to 99.1, which was the lowest level since November 2016.
Additionally, 7.6% of survey respondents said that they had plans to buy a house in the next six months, which might be a good sign for real estate market. Unemployment rate declined to 4.1%, which is the lowest level in 17 years.
According to the Conference Board, the percentage of consumers who said that they expected better business conditions in the next six months decreased from 23.1% in November to 20.2% in December. Besides, shares of people who said more jobs will be available in the coming months decreased to 18.4%, and shares of people who said jobs were plentiful also dropped from 37.5% to 35.7%.