Consumer confidence weakens slightly in November
Yahoo Finance's Julie Hyman reports consumer confidence data from the Conference Board.
Video Transcript
JULIE HYMAN: The Conference Board coming in at 100.2. 100.2, that is a decline from the 102 and 1/2 that was recorded in October. It is 2/10 of a point better than estimated, so not much different here on that front, but showing that confidence is not collapsing, right? But it is weakening to some extent, which is not surprising, given some of the other economic data that we have been getting. I'm trying to go through the Conference Board website, and--
BRIAN SOZZI: It's frozen.
BRAD SMITH: Still being updated.
JULIE HYMAN: --it's not working. So I could give you some commentary from them, but that's all we got for now. If you look at some of the components of consumer confidence, Present Situation Index going to 137.4. That's a bit of a decline. And expectations are the real area of weakness here, 75.4 versus a revised 77.9 the prior month. So not-- consumer confidence is meh.
BRIAN SOZZI: Well, that explains all those strong sales of belt bags, Julie. Consumers feeling confident to spend nearly 100 bucks on a belt bag.
JULIE HYMAN: It's not 100 bucks. You said--
BRIAN SOZZI: After tax?
JULIE HYMAN: -it topped out at $75.
BRIAN SOZZI: 78 after tax, [INAUDIBLE].
BRAD SMITH: But you can't get them anyway.
BRIAN SOZZI: Can't get them anyway, so.
JULIE HYMAN: How much--
BRIAN SOZZI: I don't know.
JULIE HYMAN: 78 rounding up to 100?
BRIAN SOZZI: It's quick math. I have my spreadsheet in front of me.
BRAD SMITH: Somebody is throwing their commission in there.
