US consumer confidence took a hit in December, with the Consumer Confidence Index declining by 8.1 points to 104.7 . This drop was largely driven by concerns about the future, with the Expectations Index tumbling 12.6 points to 81.1. This is just above the threshold of 80, which usually signals a recession ahead.
Consumers' assessments of current business conditions also eroded somewhat, with 19.1% saying conditions were "good," down from 21.6% in November . However, their appraisals of the labor market improved, with 37% saying jobs were "plentiful," up from 33.6% in November.
It's worth noting that consumer confidence has been volatile in recent months, with the index improving in November, but declining in December . The Conference Board, which releases the index, will provide an update on January 28th