The University of Michigan’s Consumer Sentiment Index fell to 98.3 in November’s first estimate from 98.6 recorded in October and came in slightly better than the market expectation of 98.
Key takeaways from the press release
- Consumer sentiment remained virtually unchanged in early November from its October reading.
- Importantly, interviewing went through Wednesday night so there was only a one-day overlap after the mid-term election results were known by consumers.
- Income expectations have improved and consumers anticipate continued robust growth in employment, but consumers also anticipate rising inflation and higher interest rates.
- The renewed strength in nominal income expectations is critical to overall spending prospects.
November (preliminary) results
- Index of Consumer Sentiment at 98.3 vs 98.6 in October.
- Index of Current Economic Conditions at 113.2 vs 113.1 in October.
- Index of Consumer Expectations at 88.7 vs 89.3 in October.