Consumer confidence in the US deteriorated in early November with the University of Michigan’s Consumer Sentiment Index declining to 66.8 from 71.7 in October. This marked the lowest reading since November 2011.
Commenting on the data, “consumer sentiment fell in early November to its lowest level in a decade due to an escalating inflation rate and the growing belief among consumers that no effective policies have yet been developed to reduce the damage from surging inflation,” said Richard Curtin, Surveys of Consumers chief economist. “One-in-four consumers cited inflationary reductions in their living standards in November.”
Further details of the publication revealed that the Current Conditions Index fell to 73.2 from 77.7 and the Consumer Expectations Index declined to 62.8 from 70.5.
With the initial market reaction, the US Dollar Index edged slightly lower and was last seen losing 0.03% on the day at 95.14.