US consumer sentiment drops 5 percent this month | MENAFN.COM

Sunday, 27 November 2022 01:10 GMT

US consumer sentiment drops 5 percent this month


(MENAFN) US consumer sentiment this month saw a decrease 5 percent from the prior month, in line with a survey issued on Wednesday.

The index of consumer sentiment decreased 3.1 points to 56.8 this month, on the word of the University of Michigan's consumer survey final outcomes. It reached an amount of 59.9 last month.

"Along with the ongoing impact of inflation, consumer attitudes have also been weighed down by rising borrowing costs, declining asset values, and weakening labor market expectations," according to Surveys of Consumers Director Joanne Hsu announcement.

The index of present financial situation fell 6.8 points to reach 58.8 this month from 65.6 in the last month.

The index of consumer estimates saw a reduction of 0.6 points to 55.6, from 56.2, throughout that time span.

"Inflation expectations were also little changed from October. The median expected year-ahead inflation rate was 4.9 percent, down slightly from 5.0 percent last month," as stated by Hsu.

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