Consumer confidence was little improved last week at a level that is within reach of an all-time low as Americans stayed pessimistic about the economy and their personal finances.
The Bloomberg Consumer Comfort Index was minus 51.6 in the period ended November 6 after the prior week's minus 53.2, the second-lowest reading in almost 26 years of data. The measure is close to the minus 54 in January 2009, which matched the worst reading in the history of the series dating back to 1985.
Americans' rating of their personal finances dropped to the lowest since October 2009, a product of limited wage growth, depressed home values and a volatile stock market.
Two of the three components that make up the index rose last week. The measure of Americans' views of the current state of the economy increased to minus 88.9 from minus 90.2 in the prior period. The buying climate index climbed to minus 48.6 from minus 53.3. The personal finances gauge dropped to minus 17.4, the weakest reading since October 2009, from minus 16.2.