University of Michigan survey: U.S. consumer confidence falls to one of historic lows
U.S. consumer confidence fell to one of its historic lows in November as Americans became more pessimistic about their own financial situation. According to data from the University of Michigan, the final consumer confidence index for November dropped from 53.6 in October to 51, just slightly above the preliminary value. The current conditions index fell by 7.5 points to a record low of 51.1. Consumers' views on their personal finances are the most pessimistic since 2009. Survey head Joanne Hsu stated, "Consumers remain frustrated by persistent high prices and declining incomes." Data shows that consumers expect prices to rise at an annual rate of 4.5% over the next year, marking the third consecutive month of slowdown. They anticipate an average annual price increase of 3.4% over the next five to ten years, down from 3.9% in October. Although Americans' concerns about inflation have eased, they remain anxious about high living costs and job security. The report shows that the probability of personal unemployment risk has risen to its highest level since July 2020. The number of continued unemployment insurance claims rose to a four-year high earlier this month, indicating increased difficulty for unemployed Americans to find new jobs.
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