Consumer Confidence Falls Despite Strong Holiday Spending

WASHINGTON — According to a business research company, U.S. consumer confidence fell in January for the second straight month.

The consumer confidence index, which was 109.5 in December, fell to 104.1 this month, according to the Conference Board. That is worse than what economists predicted a reading of 105.8 would be.

Despite being revised up by 4.8 points, December's figure was still lower than November's. The consumer confidence index gauges how Americans feel about the state of the economy today and how they anticipate it to develop over the next six months.

As the year came to a close, consumers were more assured, and their Christmas spending was determined. Stores reported strong sales during the Christmas season, and retail sales increased by 0.4% in December despite rising borrowing prices.