Economy

US Consumer Sentiment Pulls Back More Than Expected In November

USA consumer sentiment tumbled in early November, though the index remained at the second-highest level of the year so far.

"While the majority judged current conditions in the economy favorably and consumers anticipated continued growth on balance, consumers judged the outlook less satisfactory, and were equally divided about whether the expansion would last another five years", Richard Curtin, director of the University of MI consumer survey, said in a statement. The survey conducted by the University of MI has soared since President Donald J. Trump took office, hitting the highest level in 13 years in October, while the Conference Board's Consumer Confidence Index hit the highest level in almost 17 years.

Richard Curtin, the survey's chief economist, described the November data as "slightly" weaker and emphasised that the headline index had been "trendless" year-to-date, holding to a four point range above and below its average level thus far in 2017. "The losses were quite small as the Sentiment Index remained at its second highest level since January".

On the inflation front, one-year inflation expectations climbed to 2.6 percent in November from 2.4 percent in October, while five-year inflation expectations were unchanged at 2.5 percent.

Contrary to some analysts, consumers were found to be increasingly convinced that interest rates will rise during the year ahead, Curtin said.

While consumer sentiment fell almost 3 percent in November, it remains above the 2017 average of 96.8.

The index measures 500 consumers' attitudes on future economic prospects, in areas such as personal finances, inflation, unemployment, government policies and interest rates. An improving labor market was spontaneously mentioned by a record number of consumers in early November, and anticipated wage gains recorded their highest two-month level in a decade.



Like this

loading...
loading...

Latest


10 November 2017
Mogherini Says EU To Preserve Iran Nuclear Deal
EU Foreign Policy Chief said Iran deal is "a major achievement of European and global multilateral diplomacy that is delivering". From Washington, Amano also hailed Iran for remaining fully committed to its side of the deal.

10 November 2017
Health insurance enrollment open through December 15
To find out if you qualify and to connect with a local agent, visit ambetter.magnoliahealthplan.com . This year, Ambetter from Magnolia Health offers a variety of benefits and plan designs.

10 November 2017
StubHub and Viagogo raided in United Kingdom ticket touting probe
StubHub said the program follows all applicable laws and is not involved in "fraudulent or illegal activity on our site". GetMeIn and Seatwave handed over what was asked of them, but eBay-owned StubHub and Swiss-based Viagogo did not comply.

10 November 2017
Radioactive cloud could form over Russian Federation
A cloud of radioactive pollution has appeared over Europe since the past few weeks, arousing speculations about its source. The French regulator said the accident happened south of the Ural mountains, between the Urals and the Volga river.

10 November 2017
Religious parties announce restoration of Muttahida Majlis-e-Amal
The alliance consolidated its position during the general elections in Pakistan held in 2002 during the rule of Pervez Musharraf. The leaders of the parties expressed hope that under the MMA platform they will perform well in the 2018 elections.

10 November 2017
Pakistan offers to arrange Indian spy Kulbhushan Jadhav's meeting with his wife
Although, India acknowledged that Jadhav had served in the Indian Navy but denied any connection with the government. Jadhav was held by law enforcement agencies hours after he entered Pakistan from Iranian port Chabahar.

10 November 2017
IBM says it's reached milestone in quantum computing
Even as recently as past year , they were able to achieve coherence times of 47 and 50 microseconds for the 5 qubit machines. The system IBM has developed is still extremely finicky and challenging to use, as are those being built by others.

10 November 2017
Air pollution can cause weaker bones, increase risk of fractures
For older adults, even a small rise in PM2.5 concentrations would lead to an increase in bone fractures, the researchers noted. It does not have any symptoms before a break occurs as the result of a usually harmless impact, such as a hug.

10 November 2017
Mueller probing alleged Flynn plan to deliver cleric to Turkey
Flynn would secretly be paid "millions of dollars", NBC News said. In exchange for working under Turkish direction, Mr. Gulen has denied any role in the coup.

10 November 2017
Okkadu Migiladu Movie Review, Rating | Manchu Manoj
Vamsi Shekar PRO‏ @UrsVamsiShekarRocking Star @HeroManoj1's #OkkaduMigiladu starts with the voice over of #NaaraRohith. Manoj's film grabbed the attention of the audience with an intriguing and powerful trailer , which released recently.