During crucial holiday season, US consumer confidence slumps
By MATT OTT AP Business Writer
SILVER SPRING, Md. (AP) — A closely-watched gauge of U.S. consumer confidence tumbled in December as rising coronavirus cases dragged American optimism to its lowest level since the summer. However, rising pessimism is now spreading during the crucial holiday season, which could make or break a number of retailers, airlines, restaurants other sector that have been hammered financially during the pandemic. The December reading of 88.6 released Tuesday by the Conference Board is a sharp decline from last month, which was revised downward to 92.9, and it is far worse than economists had expected. It may be an ominous sign for an economy in which consumer spending accounts for 70% of all economic economic activity.