Consumer Sentiment was 67.4 in November according to the University of Michigan Consumer Sentiment Index. November’s figure was 4.3 points lower than the October reading and 9.5 points lower the November 2020 index. The Current Economic Conditions Index fell 4.1 points from the previous month to 73.6 and is 13.4 points listed below the November 2020 index. The Consumer Expectations Index decreased 4.4 indicate 63.5 and is 7 points lower than a year earlier.
“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. The decline was due to a combination of rapidly escalating inflation combined with the absence of federal policies that would effectively redress the inflationary damage to household budgets. While pandemic induced supply-line shortages were the precipitating cause, the roots of inflation have grown and spread more broadly across the economy.” stated Richard Curtin, primary financial expert of UM Surveys of Consumers.
Read the University of Michigan Surveys of Consumers release.