(CercleFinance.com) – US consumer confidence worsened in November compared with the previous month, according to an initial estimate released Friday by the University of Michigan Monthly Survey.
Its confidence index thus came in at 54.7 this month, versus 59.9 in October, while economists expect a more contained drop to around 59.
In its press release, researchers at the University of Michigan attribute the deterioration in household morale to the sudden deterioration in their ability to buy durable goods, such as cars or appliances, amid rising inflation and interest rates.
The sub-index that measures the opinion of consumers on their own situation fell to 57.8, after 65.6 last month, while the one that measures the evolution of their expectations fell to 52.7, against 56.2 of October.
