American consumer sentiment fell this month, despite upwardly revised figures in a newly released survey.
The consumer sentiment index for November had deteriorated less than expected, and was revised to 56.8 from initial projections of 54.7 percent, according to the University of Michigan on Nov. 24.
The results were better than most economists’ expectations with the upward revision, but still below October’s reading of 59.9, despite the improved numbers.
“Consumer sentiment fell 5% below October, offsetting about one-third of the gains posted since the historic low in June,” said the survey’s director, Joanne Hsu.
“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,” she noted….