US Consumer Sentiment Up 3.5% to 73.0, Marking Fourth Straight Monthly Rise

Nov 8, 2024, 03:01 PM

The University of Michigan's preliminary Consumer Sentiment Index for November increased 3.5% to 73.0, up from 70.5 in October, surpassing forecasts of 71.0. This marks the fourth consecutive monthly increase and the highest reading in six months. The rise was driven by improved consumer expectations, which climbed to 78.5 from 74.1, the best level since 2021. However, the current conditions component edged lower to 64.4 from 64.9, slightly below expectations. Short-term inflation expectations for the next year fell to 2.6% from 2.7%, while 5-10 year inflation expectations edged up to 3.1% from 3.0%. The survey was conducted before the election and does not capture any reactions to election results.