During crucial holiday season, US consumer confidence slumps 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 summerSILVER SPRING, Md. -- 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. It may be an ominous sign for an economy in which consumer spending accounts for 70% of all economic economic activity. It remains to be seen how Congress' $900 billion relief bill, which was passed Monday and too late for the survey, will affect consumer behavior this winter.

Source: ABC News December 22, 2020 15:21 UTC