Revised data released by the University of Michigan on Wednesday showed consumer sentiment in the U.S. deteriorated by slightly more than expected in the month of November.
The report said the consumer sentiment index for November was downwardly revised to 76.9 from a preliminary reading of 77.0. Economists had expected the index to be unrevised, which was still down from 81.8 in October.
“Consumer sentiment was unchanged in late November–a difference of just 0.1 points from mid-month–although there was a significant decline in the Expectations component which was offset by more favorable assessments of current economic conditions,” said Surveys of Consumers chief economist, Richard Curtin.
He added, “Importantly, the November data were less optimistic than last month due to the resurgence in covid infections and deaths as well as partisan shifts due to the outcome of the presidential election.”
The report said the index of consumer expectations tumbled to 70.5 in November from 79.2 in October, while the current economic conditions index rose to 87.0 from 85.9.
On the inflation front, one-year inflation expectations ticked up to 2.8 percent in November from 2.6 percent in October and five-year inflation expectations inched up to 2.5 percent from 2.4 percent.