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U.S. consumer sentiment ended weaker in November than October, a private survey showed on Wednesday, as consumers pared their view of current and future financial conditions.
Reuters reported that the University of Michigan’s final reading on consumer sentiment in November was 92.1, down from October’s 93.6 final, said sources who saw the subscription-only report.
The median forecast of Wall Street economists polled by Reuters was for a reading of 93.1.
University of Michigan’s preliminary November gauge on consumer sentiment was 92.3.
The survey’s index of current conditions ended at 106.0 in November compared with October’s 107.3 final reading, while consumer expectations finished at 83.2 versus October’s 84.8.
Consumer spending accounts for about two-thirds of U.S. economic activity, but in recent years confidence measures have been a weak guide to actual spending.
Consumers’ expectations for increased inflation slipped in November the report said, according to the sources.