Consumer sentiment in the U.S. improved by less than previously estimated in the month of November, according to a report released by the University of Michigan on Wednesday.
The report said the final reading on the consumer sentiment index for November came in at 91.3 compared to the preliminary reading of 93.1.
Despite the downward revision, the consumer sentiment index is still modestly higher than the final October reading of 90.0.
The downward revision came as a surprise to economists, who had expected the index to be unchanged from the preliminary reading.
Richard Curtin, the survey’s chief economist, said, “Although some of the gains recorded earlier in the month evaporated in late November, consumer confidence remained quite favorable, just below the average for the past six months.”
“Nonetheless, the data indicate that consumers have become increasingly aware of economic cross currents in the domestic as well as the global economy,” he added.
The report said the current economic conditions index rose to 104.3 in November from 102.3 in October, while the index of consumer expectations edged up to 82.9 from 82.1.
On the inflation front, one-year inflation expectations were unchanged at 2.7 percent, while five-to-ten-year inflation expectations inched up to 2.6 percent from 2.5 percent.
The material has been provided by InstaForex Company – www.instaforex.com