WASHINGTON (Reuters) – U.S. consumer confidence fell more than expected in November amid a widespread resurgence in new COVID-19 infections and business restrictions, reinforcing expectations for a sharp slowdown in economic growth in the fourth quarter.
The survey from the Conference Board on Tuesday followed on the heels of reports this month showing the smallest job gains and retail sales growth in October since the recovery from the pandemic recession started in May. The number of people filing new claims for unemployment benefits increased in mid-November.
The economy is losing speed as more than $3 trillion in government coronavirus relief has lapsed. The fiscal stimulus helped millions of unemployed Americans cover daily expenses and small-to-medium sized companies keep workers on