US consumer confidence edges higher in November, University of Michigan says

8th Nov 2024 14:08

(Sharecast News) - Consumer confidence in the States hit a six-month high heading into the elections in November, the results of a closely followed survey revealed.

On a preliminary basis, the University of Michigan's consumer confidence index edged up from a reading of 70.5 for October to 73.0 in November.

Economists had pencilled in a print of 71.0.

A sub-index tracking Americans' views on current conditions was little changed, dipping from 64.9 to 64.4, but that linked to expectations improved from 74.1 to 78.5 - its best reading since July 2021.

According to the survey's director, Joanne Hsu, expectations for personal finances rose 6% and short-run business conditions soared 9%.

Expectations for long-run business conditions were at their most favourable in four years.

Inflation expectations one year ahead slipped from 2.7% to 2.6%, the lowest reading since December 2020, but those for the long-run ticked higher from 3.0% to 3.1% "remaining modestly elevated relative to the range of readings seen in the two years pre-pandemic."