US consumer confidence edges higher in November, University of Michigan says
By Alexander Bueso
Date: Friday 08 Nov 2024
(Sharecast News) - Consumer confidence in the States hit a six-month high heading into the elections in November, the results of a closely followed survey revealed.
On a preliminary basis, the University of Michigan's consumer confidence index edged up from a reading of 70.5 for October to 73.0 in November.
Economists had pencilled in a print of 71.0.
A sub-index tracking Americans' views on current conditions was little changed, dipping from 64.9 to 64.4, but that linked to expectations improved from 74.1 to 78.5 - its best reading since July 2021.
According to the survey's director, Joanne Hsu, expectations for personal finances rose 6% and short-run business conditions soared 9%.
Expectations for long-run business conditions were at their most favourable in four years.
Inflation expectations one year ahead slipped from 2.7% to 2.6%, the lowest reading since December 2020, but those for the long-run ticked higher from 3.0% to 3.1% "remaining modestly elevated relative to the range of readings seen in the two years pre-pandemic."
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