Consumer sentiment rose to 91.3 in November, up 1.3 points from the previous month according to the University of Michigan Consumer Sentiment Index. The headline index is lower than the average level for the past six months (91.6).
The data indicate that consumers have become increasingly aware of economic cross currents in the domestic as well as the global economy. Nearly all of the recent advance was focused on current conditions rather than future economic prospects, and the entire November gain was due to lower income households. Households with incomes in the top third of the distribution, who account for more than half of all spending, expressed a more cautious optimism,” says Richard Curtin, Chief Economist for UM Surveys of Consumers.
The Current Economic Conditions Index rose 2.0 points to 104.3, and was 1.6 points higher than the previous year. The Index of Consumer Expectations rose 0.8 points to 82.9, and grew 3.0 points year over year.