US Consumers Less Upbeat as Confidence Falls to the Lowest in a Decade

Source: University of Michigan

The Index of Consumer Sentiment in the US was 67.4 in November, a decline of 6.0% from the previous month, and 12.4% below last year. SPY is up +0.051%, DXY is up +0.39%

• The consumer sentiment reflected the lowest level of optimism in the past decade. Consumers’ optimism was dampened by worries over personal finances and the overall economy due to high inflation.
• The gauge of Current Economic Conditions fell by 5.3% from October to 73.6. The index was 15.4% below the prior year.
• The Index of Consumer Expectations shed 6.5% from October to 63.5, representing a decline of 9.9% from the prior year.
• Chief economist of Surveys of Consumers Richard Curtin says consumers anticipate spending cuts and inflation-adjusted incomes in the year ahead. Consumers do not expect Biden’s social infrastructure package to improve wages or ease inflation.