US consumer confidence slips in mid-November, University of Michigan says
By Alexander Bueso
Date: Friday 11 Nov 2022
(Sharecast News) - Consumer confidence in the US fell back at the start of November with expectations for inflation over the year ahead ticking higher, the results of a closely-followed survey revealed.
The University of Michigan's consumer confidence index retreated from a reading of 59.9 at the end of October to 54.7.
Economists had penciled in a reading of 59.6.
A key sub-index tracking consumers' expectations slipped from 56.2 to 52.7.
Meanwhile, the sub-index linked to their assessment of the current situation fell back from 65.6 to 57.8.
In parallel, expectations for inflation on a one-year horizon ticked higher by one tenth of a percentage point to 3.0%.
Another for inflation expectations five years out on the other hand was unchanged at 3.0%.
Survey director, Joanne Hsu, said all components dropped, led by an index of buying intentions for durable goods.
That index, which had improved markedly in October, slumped by 21% due to high interest rates and continued high prices.
"Overall, declines in sentiment were observed across the distribution of age, education, income, geography, and political affiliation, showing that the recent improvements in sentiment were tentative," she added.
"Instability in sentiment is likely to continue, a reflection of uncertainty over both global factors and the eventual outcomes of the election."
-- More to follow --
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