Weaker consumer index hits U.S. labor market

The Conference Board's index of consumer confidence in U.S. gave a downward surprise and stood at 90.4 in November. The October reading for the headline index was revised up to 99.1, which was initially 97.6.

The weak consumer confidence index in November put the labor market confidence at the lowest level since July. Net income expectation for next 6 months dropped to 5.4 in November from 7.6.

Likewise, the present situation index reduced to 108.1 for November against 114.6 in previous month, notes Barclays. The weaker consumer expectations create downside risks for consumption growth.