The numbers: Consumer confidence rebounded in November from a 15-month low but worries about a recession persisted, a new survey showed.
The closely followed index moved up to 102 from a revised 99.1 in October, the Conference Board said Tuesday.
Economists polled by the Wall Street Journal had forecast the index to register 101.
Consumer confidence tends to signal whether the economy is getting better or worse.
Americans are grumpy about the economy despite the best job market in decades. The chief reason is a severe bout of inflation that has raised prices 18% in the past three years and eroded the standard of living.
High interest rates have added to the misery and are expected to slow the economy.
Key details: A measure that looks at how consumers feel about the economy right now slipped to 138.2 from 138.6 in the prior month.
A confidence gauge that looks ahead six months rose to 77.8 from 72.7 in the prior month.
Yet for the past three months, the future-expectations index has been below the 80 mark that often signals a recession ahead.
About two-thirds of consumers say a recession is “somewhat” or “very likely” in the next 12 months, the survey found.
Big picture: The economy has avoided a recession despite the sharpest increase in interest rates in a few decades, but higher borrowing costs are starting to pinch the economy. Businesses are hiring fewer people and investing less. Consumers are scaling back, too.
What’s unclear is whether the U.S. can continue to defy historical patterns and avoid a recession that typically follows a big increase in interest rates.
Looking ahead: “Consumers remain preoccupied with rising prices in general, followed by war [and] conflicts and higher interest rates,” said Dana Peterson, chief economist at the Conference Board.
Market reaction: The Dow Jones Industrial Average
DJIA,
and the S&P 500
SPX,
were mixed in Tuesday trades.
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