The University of Michigan's consumer sentiment index for the US was revised downward to 71.8 in November 2024, from an initial reading of 73, but still marked the highest level in seven months, up from 70.5 in October.
US consumer sentiment revised lower
The index for current economic conditions was revised down to 63.9 from 64.4, and the expectations index also adjusted to 63.9 from 64.4. Post-election interviews showed a decline of 1.3 points from pre-election levels, dampening the earlier improvements seen in the month. The preliminary reading had not accounted for reactions to the election results, and considerable uncertainty remains regarding the future implementation of Trump’s economic agenda, meaning consumers are likely to adjust their views in the coming months.
Inflation expectations for the year ahead remain unchanged
Inflation expectations for the year ahead remained unchanged at a near four-year low of 2.6%, while the five-year outlook rose to 3.2% from a preliminary 3.1%.
