Reflecting a less favorable assessment of future economic prospects, the University of Michigan released a report on Friday showing an unexpected decrease in U.S. consumer sentiment in the month of November.
The preliminary report said the consumer sentiment index fell to 77.0 in November after rising to a seven-month high of 81.8 in October. The pullback came as a surprise to economists, who had expected index to inch up to 82.0.
The unexpected decrease by the headline index came as the index of consumer expectations tumbled to 71.3 in November from 79.2 in October.
The report showed a much more modest drop by the current economic conditions index, which edged down to 85.8 in November from 85.9 in the previous month.
“The outcome of the presidential election as well as the resurgence in covid infections and deaths were responsible for the early November decline,” said Surveys of Consumers chief economist Richard Curtin
“Interviews conducted following the election recorded a substantial negative shift in the Expectations Index among Republicans, but recorded no gain among Democrats,” he added. “It is likely that Democrats’ fears about the covid resurgence offset gains in economic expectations.”
On the inflation front, the report said one-year inflation expectations crept up to 2.8 percent in November from 2.6 percent in October, while five-year inflation expectations rose to 2.6 percent from 2.4 percent.
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