Consumer confidence dropped in January for a third consecutive month, likely hit by political discord in Washington, in addition to market and economic uncertainty weighing on U.S. households, The Wall Street Journal reported. The Conference Board said yesterday that its index of U.S. consumer confidence fell to 120.2 in January from 126.6. It is now down 17.7 points from October, marking the largest three-month decline since October 2011. Economists surveyed by The Wall Street Journal had expected a drop, albeit a less dramatic one. Shock events, such as the recent government funding lapse, often have sharp but temporary effects on consumer confidence, according to Lynn Franco, senior director of economic indicators at The Conference Board. The data showed Americans are eager to continue spending in the next six months. Plans to buy a home rose to their highest level since the end of 2017. Other categories of planned spending, including car and TV purchases, also remained solid.
