Consumer confidence slipped in January after two consecutive months of gains, signaling that the expanding economy might be finally cooling off.
The Conference Board’s Consumer Confidence Index fell three points in January to 61.1, down from 64.8 in December, according to a news release issued Tuesday by the New York-based research association. The index had been making steady strides, ballooning from 40.9 in October, to 55.2 in November, and apparently peaking in the last month of the year.
The board attributed the drop to consumers’ more pessimistic evaluation of current and future business and the labor market conditions.
The lone bright spot in 2012 was an increase in the number of consumers expecting more jobs in the months ahead.