Close

University of Michigan's Index of Consumer Sentiment posted a preliminary November level of 60.4, down from October's 63.8; lower-income consumers and younger consumers exhibited the strongest declines in sentiment

Nov 15, 2023 Press Release 2 min read

Exclusive Industry Insights

By submitting, you agree to our Privacy Policy

Share this article:

November 15, 2023 (press release) –

Preliminary Results for November 2023

  Nov Oct Nov M-M Y-Y
  2023 2023 2022 Change Change
Index of Consumer Sentiment 60.4 63.8 56.7 -5.3% +6.5%
Current Economic Conditions 65.7 70.6 58.7 -6.9% +11.9%
Index of Consumer Expectations 56.9 59.3 55.5 -4.0% +2.5%

 

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

Next data release: Wednesday, November 22, 2023 for Final November data at 10am ET
Surveys of Consumers Director Joanne Hsu
Consumer sentiment slipped for the fourth straight month, falling 5% in November. While current and expected personal finances both improved modestly this month, the long-run economic outlook slid 12%, in part due to growing concerns about the negative effects of high interest rates. Ongoing wars in Gaza and Ukraine weighed on many consumers as well. Overall, lower-income consumers and younger consumers exhibited the strongest declines in sentiment. In contrast, sentiment of the top tercile of stock holders improved 10%, reflecting the recent strengthening in equity markets.

Year-ahead inflation expectations inched up to 4.4%, indicating that the large increase between September’s 3.2% reading and October’s 4.2% reading was no fluke. The current reading is the highest since April 2023 and remains well above the 2.3-3.0% range seen in the two years prior to the pandemic. Long-run inflation expectations also rose, from 3.0% last month to 3.2% this month, the highest reading since 2011. Gas price expectations, both over the short and long run, rose to their highest readings this year.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistribute or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.

Stay Ahead of Changes

Don't Wait. Stay Informed.

The world and your industry are changing too fast. You need to know what's happening, and our Legislation Monitor can help. It's a critical resource for anyone who wants to stay ahead of regulatory and legal challenges. Then, discover the other ways that Industry Intelligence Inc. can help your business.

Cookie Preferences

This website uses cookies to enhance your browsing experience, analyze site performance, and deliver personalized content. We use a minimal cookie to remember your preferences. For detailed information about our cookie usage, please review our Privacy Policy.