Keeping you up to date on the latest data releases.
- Consumer Sentiment
The University of Michigan’s Index of Consumer Sentiment continued to march upward, rising from an index level of 82.6 in October to 84.9 in early November. Sentiment has now jumped roughly 10 points in the past 3 months and has vaulted up to a five-year high. Interestingly, the release noted that November’s increase was exclusively driven by households with incomes above $75,000. The expectations component, which has risen nearly 16 points from a recent low of 65.1 in August, ticked up from 79 to 80.8 in November. Respondents’ collective judgment on current economic conditions improved in November, rising 3.2 points to 91.3, but that was only reversing some transitory weakness in September. The index is only up 2.6 points from its level in August. Median one-year ahead inflation expectations continued to edge away from a recent high of 3.6 percent in August, ticking down 0.1 percentage point to 3.0 percent in November. Five- to ten-year ahead expectations rebounded a tenth to 2.8 percent during the month, remaining within its normal range of 2.7 percent to 3.1 percent over the past 5 years or so.