US consumer sentiment stable in early November

US consumer sentiment stable in early November

Mubasher: Preliminary estimates released by the University of Michigan indicated that the US consumer confidence remained almost unchanged in early November.

The consumer sentiment index declined to 98.3 points in early November, from 98.6 in October, a survey report by Michigan University said on Friday.

“The stability of consumer sentiment at high levels acts to mask some important underlying shifts,” survey senior economist Richard Curtin said.

As for current economic conditions, the index ticked up 0.1% to 113.2 points month-on-month in November, and edged down 0.3% from the reading for the same month last year.

Moreover, the expectation index went down 0.7% to 88.7 points in early November from previous month, shedding 0.2% year-on-year.

“Income expectations have improved and consumers anticipate continued robust growth in employment, but consumers also anticipate rising inflation and higher interest rates,” Curtin said.