U.S. Consumer Sentiment Ticks Up
The University of Michigan’s consumer sentiment increased for the fourth straight month in November and is at its highest level since hitting 77.2 in April.
WASHINGTON – Consumer sentiment in the U.S. improved slightly less than previously estimated in the month of November, according to revised data released by the University of Michigan on Friday.
The University of Michigan said its consumer sentiment index for November was downwardly revised to 71.8 from the preliminary reading of 73.0.
While the downward revision surprised economists, who had expected the reading to be upwardly revised to 73.7, the index is still above the final October reading of 70.5.
Despite the unexpected downward revision, the consumer sentiment index is also still at its highest level since hitting 77.2 in April.
"Post-election interviews were 1.3 points below the pre-election reading, moderating the improvement seen earlier in the month," said Surveys of Consumers Director Joanne Hsu.
She added, "The expectations index surged for Republicans and fell for Democrats this month, a reflection of the two groups' incongruous views of how Trump's policies will influence the economy."
The report said the index of consumer expectations climbed to 76.9 in November from 74.1 in October, while the current economic conditions index dipped to 63.9 in November from 64.9 in October.
With regard to inflation expectations, the University of Michigan said year-ahead inflation expectations edged down to 2.6% in November from 2.7% in October, hitting the lowest level since December 2020.
Long-run inflation expectations, on the other hand, rose to 3.2% in November from 3.0% in October. Uncertainty over long-run inflation also increased.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX