U.S. Consumer Sentiment Deteriorates Less Than Previously Estimated In November
(RTTNews) - Consumer sentiment in the U.S. deteriorated by less than previously estimated in the month of November, according to revised data released by the University of Michigan on Wednesday.
The University of Michigan said its consumer sentiment index for November was upwardly revised to 61.3 from a preliminary reading of 60.4.
The upwardly revised reading is well above economist estimates for 60.5 but is still down from 63.8 in October.
"While this marks the fourth consecutive month of declines, November's reading reflects a balance of factors, some of which improved while others worsened," said Surveys of Consumers Director Joanne Hsu.
"More-favorable current assessments and expectations of personal finances were offset by a notable deterioration in expected business conditions," she added. "In particular, long-run business conditions plunged by 15% to its lowest since July 2022."
The report said the current economic conditions index fell to 68.3 in November from 70.6 in October, while the index of consumer expectations slid to 56.8 in November from 59.3 in October.
With regard to inflation expectations, year-ahead inflation expectations rose to 4.5 percent in November from 4.2 percent in October, reaching the highest level since hitting 4.7 percent in April.
Long-run inflation expectations also increased from 3.0 percent in October to 3.2 percent in November, marking the highest reading since 2011.
"These expectations have risen in spite of the fact that consumers have taken note of the continued slowdown in inflation; consumers appear worried that the softening of inflation could reverse in the months and years ahead," said Hsu.
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