After reporting a jump in U.S. consumer sentiment in the previous month, the University of Michigan released a report on Friday showing a bigger than expected pullback in sentiment in the month of November.
The report said the preliminary reading on the consumer sentiment index for November came in at 97.8 compared to the final October reading of 100.7. Economists had expected the index to dip to 100.0.
The bigger than expected decrease by the consumer sentiment index came after it surged up to a thirteen-year high in October.
"Consumer sentiment declined slightly in early November due to widespread losses across current and expected economic conditions," said Richard Curtin, the survey's chief economist.
However, he noted, "The losses were quite small as the Sentiment Index remained at its second highest level since January."
The report said the current economic conditions index fell to 113.6 in November from 116.5 in October, while the index of consumer expectations dropped to 87.6 from 90.5.
On the inflation front, one-year inflation expectations climbed to 2.6 percent in November from 2.4 percent in October, while five-year inflation expectations were unchanged at 2.5 percent.
by RTT Staff Writer
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