Economic Buzz: US Consumer Sentiment Falls In November

14 Nov 2022 , 08:34 AM

The University of Michigan released preliminary data on Friday showing U.S. consumer sentiment has pulled back much more than expected in November after seeing modest improvements in recent months. The report showed the consumer sentiment index slumped to 54.7 in November after inching up 59.9 in October. The much bigger than expected decrease by the headline index was partly due to a steep drop by the current economic conditions index, which tumbled to 57.8 in November from 65.6 in October. The report showed a more modest decrease by the index of consumer expectations, which fell to 52.7 in November from 56.2 in October. One-year inflation expectations crept up to 5.1 percent in November from 5.0 percent in October, while five-year inflation expectations inched up to 3.0 percent from 2.9 percent.Powered by Commodity Insights