The preliminary November U of Michigan survey shows consumer confidence declining to 75 (consensus 80) from 80.9 in October. All aspects of the report showed deterioration as current and future expectations fell, and inflation expectations rose. Looking at the attached chart, you can see that today's figure is close to the lowest sentiment has dropped since the early 90s.
Current conditions fell to 91 from 97.6, and future expectations fell to 64.7 from 70.1. Inflation expectations over the next year rose to 3.4% from 3.1%, and the five year outlook for inflation rose to 2.9% from 2.8%. Both inflation outlooks are at their highs for the past six months.
No comments:
Post a Comment