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- U.S. consumer sentiment index unexpectedly declines in early November
U.S. consumer sentiment index unexpectedly declines in early November
A report from
the University of Michigan revealed on Friday the preliminary reading for the
Reuters/Michigan index of consumer sentiment decreased 5.9 percent m-o-m to 77.0
in early November. This was the lowest reading since August.
Economists had
expected the index would rise to 82.0 this month from October’s final reading
of 81.8.
According to
the report, the index of current U.S. economic conditions edged down 0.1
percent m-o-m to 85.8 in November from 85.9 in the previous month. Meanwhile,
the index of consumer expectations plunged 10.0 percent m-o-m to 71.3 this
month from 79.2 in October.
“Consumer
sentiment fell in early November as consumers judged future economic prospects
less favorably, while their assessments of current economic conditions remained
largely unchanged”, noted Surveys of Consumers chief economist, Richard Curtin.
“The outcome of the presidential election as well as the resurgence in covid
infections and deaths were responsible for the early November decline,” he
added.
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