University of Michigan's Index of Consumer Sentiment posted a final November reading of 61.3, down from October's 63.8; sentiment of those aged 55 and older improved, but declined for younger and middle-aged consumers

November 22, 2023 (press release) –

Final Results for November 2023

Interest Rate and Price Pressures on Consumers (September 8, 2023)
Revisions to Estimates (October 27, 2023)

Next data release: Friday, December 08, 2023 for Preliminary December data at 10am ET
Surveys of Consumers Director Joanne Hsu
Consumer sentiment fell a modest 2.5 index points, or 4%, from October. While this marks the fourth consecutive month of declines, November’s reading reflects a balance of factors, some of which improved while others worsened. More-favorable current assessments and expectations of personal finances were offset by a notable deterioration in expected business conditions. In particular, long-run business conditions plunged by 15% to its lowest since July 2022. Younger and middle-aged consumers exhibited strong declines in economic attitudes this month, while sentiment of those age 55 and older improved from October.

Year-ahead inflation expectations rose to 4.5% this month, up from 4.2% in October, reaching its highest reading since April 2023. Long-run inflation expectations rose from 3.0% last month to 3.2% this month, a reading last seen in 2011. These expectations have risen in spite of the fact that consumers have taken note of the continued slowdown in inflation; consumers appear worried that the softening of inflation could reverse in the months and years ahead.

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