The S&P 500 (SPX) is on track to close the week in the red after the University of Michigan’s preliminary Index of Consumer Sentiment fell to 50.3 in November, marking the lowest level since June 2022 and falling short of the estimate of 53.0.
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“Consumer sentiment fell back about 6% this November, led by a 17% drop in current personal finances and a 11% decline in year-ahead expected business conditions,” said Surveys of Consumers Director Joanne Hsu.
Consumers Grow Uneasy as Shutdown Hits 38 Days
Hsu added that consumers are growing concerned about the negative impacts of the government shutdown, which is currently in its 38th day. In addition, November’s sentiment decline was witnessed across all age, income, and political groups.
Year-ahead inflation expectations are also on the rise, growing to 4.7% from 4.6%. Long-run inflation expectations were rosier, falling to 3.6% from 3.9%.
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