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U.S. Consumer Confidence Deteriorates in November Amid Surging Inflation

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Dollar banknotes and coins on brown table.

Consumer confidence in the US dropped in early November with the University of Michigan (UoM)’s Consumer Sentiment Index falling to 66.8 from 71.7 in October.

Source: Surveys of Consumers

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Richard Curtin, Surveys of Consumers chief economist, commented that one-in-four consumers acknowledged inflationary reductions in their living standards in November.

The negative sentiment about the challenges to the US economy surpassed many of the positive factors, including rising job growth and wages.

The Current Conditions Index dropped to 73.2 from 77.7, and the Consumer Expectations Index fell to 62.8 from 70.5.

Customers complained about the rising prices for homes, cars, and other durable products such as appliances.

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