US Consumer Sentiment Slides in November

Consumer sentiment in the United States stayed at decade-low levels in November as spiking inflation soured households’ views on both their own finances and the economy nationwide according to a survey conducted by the University of Michigan released Wednesday.

The final reading of the index of consumer sentiment came in at 67.4. The University of Michigan released a report on Wednesday showing consumer sentiment in the U.S. decreased by slightly less than initially estimated in the month of November.

The report said the consumer sentiment index for November was upwardly revised to 67.4 from the preliminary reading of 66.8. Economists had expected the index to be upwardly revised to 66.9.

Despite the upward revision, the consumer sentiment index was down from 71.7 in October and was still at its lowest level since hitting 63.7 in November of 2011.

Consumers expressed less optimism in the November 2021 survey than any other time in the past decade about prospects for their own finances as well as for the overall economy.