U.S. Consumer Sentiment Unexpectedly Improves In November
(RTTNews) - Preliminary data released by the University of Michigan on Friday showed an unexpected improvement in U.S. consumer sentiment in the month of November.
The University of Michigan said its consumer sentiment index rose to 51.0 in November from 48.0 in October. Economists had expected the index to remain unchanged.
The increase by the headline partly reflected a notable improvement in consumers' assessment of current economic conditions, with the current economic conditions index jumping to 51.0 in November from 46.7 in October.
The report also showed an increase by the index of consumer expectations, which climbed to 50.9 in November from 48.8 in October.
"While sentiment lifted for lower- and middle-wealth consumers, it fell 5% for those with the largest stock portfolios in the wake of a relatively turbulent period in stock markets," said Surveys of Consumers Director Joanne Hsu.
"Moreover, consumers' comments revealed growing anxiety over a possible AI bubble," she added. "AI worries, however, were dwarfed by cost of living concerns, which continue to be at the forefront of consumers' minds across the population."
The report said the year-ahead inflation expectations slid to 4.3 percent in November from 4.7 percent in October but remain substantially above the 3.4 percent seen in February before the Iran conflict began.
Long-run inflation expectations also edged down to 3.4 percent in November from 3.5 percent in October, notably higher than their 2024 range of 2.8 to 3.2 percent, Hsu said.
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