Consumer sentiment hits its highest since April. Long-term business conditions have reached their highest optimistic point in almost four years.
WASHINGTON — U.S. consumer sentiment improved for the fourth-straight month, hitting its highest reading in six months, according to the University of Michigan’s Consumer Sentiment Index.
The index climbed to 73.0 from 70.5 in October and is the highest since April. The survey responses for November were concluded on Monday, before election day.
“Expectations over personal finances climbed 6% in part due to strengthening income prospects, and short-run business conditions soared 9% in November,” Surveys of Consumers Director Joanne Hsu said. “Long-run business conditions increased to its most favorable reading in nearly four years. Sentiment is now nearly 50% above its June 2022 trough but remains below pre-pandemic readings.”
Year-ahead inflation expectations fell slightly to 2.6% this month from 2.7% last month. The current reading is the lowest since December 2020 and sits within the 2.3-3.0% range seen in the two years prior to the pandemic.
Long-run inflation expectations inched up to 3.1% this month from 3.0% last month, remaining modestly elevated relative to the range of readings seen in the two years pre-pandemic, Hsu said.
Source: University of Michigan Surveys of Consumers
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Author: amyc