Keeping you up to date on the latest data releases.
Preliminary numbers show that the University of Michigan’s Index of Consumer Sentiment dipped to 72.0 in early November, down from 73.2 in October. This is the fourth consecutive month the index has decreased. Views on present conditions and economic expectations both pulled the index lower. The current economic conditions subindex fell 2.7 points to 87.2. Consumer expectations also fell 0.2 to 62.3, its lowest level since November 2011. The overall decline in the index is due to changes among income groups: low-income households posted declines, while increases were posted by high-income households. Stock price increases drove net wealth gains among high-income households to the highest level in six-years. Finally, buying attitudes toward household durables fell this month to 135 (from 136 in October).
As for inflation expectations in early November, consumers expect a year-ahead inflation rate of 3.1 percent and a longer-term (five-to-ten year) rate of 2.9 percent.