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Ekonomické zprávy
08.11.2024

U.S. consumer sentiment index jumps more than anticipated in early November

A report from the University of Michigan revealed on Friday that the preliminary reading for the Reuters/Michigan index of consumer sentiment jumped 3.5 per cent m-o-m to 73.0 in early November. This represented the highest reading since April (77.2).

Economists had forecast the indicator would increase to 71.0 this month, up from the October final reading of 70.5.

According to the report, the index of current economic conditions fell 0.8 per cent m-o-m to 64.4 in November, while the index of consumer expectations climbed 5.6 per cent m-o-m to 78.5.

The report also revealed that the estimates of year-ahead expected inflation slipped from 2.7 per cent in October to 2.6 per cent early this month, the lowest level since December 2020 (2.5 per cent). Meanwhile, the 5-year expected inflation increased from 3.0 per cent to 3.1 per cent.

Commenting on the latest survey, Surveys of Consumers Director Joanne Hsu noted that interviews for the release concluded on Monday and thus did not capture any reactions to election results. She also said the expectations index surged across all dimensions, reaching its highest reading since July 2021. “Sentiment is now nearly 50% above its June 2022 trough but remains below pre-pandemic readings” she added.

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