U.S. consumer confidence hit a seven-month high in early November, with a measure of households’ future expectations reaching its highest level in more than three years, a survey showed on Friday.
The University of Michigan’s consumer confidence index rose to 73.0 this month, the highest level since April, from 70.5 in October. The result exceeded the average estimate of economists surveyed by Reuters, who pointed to a reading of 71.0 points.
The survey’s expectations index rose nearly 6 percent to 78.5, the highest level since July 2021.
“Expectations about personal finances rose 6 percent partly due to strengthening income prospects, and near-term business conditions soared 9 percent in November,” survey director Joanne Hsu said in a statement. release. “Long-term business conditions rose to their most favorable reading in nearly four years.”
The survey was completed before Tuesday’s presidential election, in which Republican Donald Trump emerged as the winner against Democrat Kamala Harris.
One-year inflation expectations, at 2.6 percent in November, fell from 2.7 percent in October and were the lowest since December 2020. Longer-term inflation expectations rose to 3.1 percent, from 3.0 percent. October cent.
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