U.S. Consumer Sentiment Improves More Than Expected In November
2024-10-31
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(fxcue news) - Preliminary data released by the University of Michigan on Friday showed consumer sentiment has improved by more than expected in the month of November.
The University of Michigan said its consumer sentiment index climbed to 73.0 in November from 70.5 in October. Economists had expected the index to inch up to 71.0.
With the bigger than expected increase, the consumer sentiment index reached its highest level since hitting 77.2 in April.
The advance by the headline index reflected a significant improvement by consumer expectations, as the index of consumer expectations jumped to 78.5 in November from 74.1 in October.
"The expectations index surged across all dimensions, reaching its highest reading since July 2021," said Surveys of Consumers Director Joanne Hsu.
Meanwhile, the report said the current economic conditions index edged down to 64.4 in November from 64.9 in November.
Hsu noted that the interviews for this release concluded on Monday and thus do not capture any reactions to the election results.
On the inflation front, the report said year-ahead inflation expectations slipped to 2.6 percent in November from 2.7 percent in October, hitting the lowest level since December 2020.
Long-run inflation expectations, on the other hand, inched up to 3.1 percent in November from 3.0 percent in October, remaining modestly elevated relative to the range of readings seen in the two years pre-pandemic.
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