Consumer sentiment fell last month while expectations of inflation among the general populace rose, according to a University of Michigan survey that is closely followed by the Federal Reserve.
The Index of Consumer Sentiment came in at 54.7 in November, down 8.7 percent from 59.9 in October, data from the surveys of consumers conducted by the university showed. On a yearly basis, the index decreased by 18.8 percent. With the decline, the index has erased roughly half the gains recorded since the historic low registered in June.
All components of the index fell for the month, with the buying conditions for durables falling the most with a decline of 21 percent due to high prices and interest rates….