Consumer sentiment drops more than expected in November
The University of Michigan's preliminary November consumer sentiment index reading was 97.8, compared to the final October 100.7, and the preliminary October 101.1, according to market sources.
The expectations index was 87.6, compared to the final October 90.5, and the preliminary October 91.3.
The current conditions index was 113.6, compared to the final October 116.5, and the preliminary October 116.4.
Economists polled by IFR Markets had predicted a 100.9 reading for the main index, 90.9 for expectations and 117.2 for current conditions.
The five-year inflation expectation index was 2.5%, compared to 2.5% in October, while the one-year inflation expectation index was 2.6%, compared to 2.4% in October.
The University of Michigan index is not released to the press, but only to paying subscribers.