US Consumer Confidence Hits Seven-Month Low Amid Economic Concerns

November's Consumer Confidence Index plummeted to 88.7, marking the lowest reading since April as labor market anxieties and inflationary pressures dampen holiday sentiment. The Conference Board's survey reveals a tenth consecutive month of recessionary expectations, with broad declines across both current conditions and future outlook components.

Travel disruptions and political gridlock exacerbated economic unease, compounding worries about business activity and employment prospects. As consumer spending accounts for nearly 70% of US GDP, this erosion of confidence may foreshadow weaker retail performance during the critical holiday season.

"When wallets tighten, discretionary spending gets cut first," noted Bret Kenwell of eToro, highlighting how cryptocurrency purchases often fall into this vulnerable category. The crypto market typically mirrors broader risk appetite, making consumer sentiment a key indirect indicator for digital asset demand.