The University of Michigan’s Index of Consumer Sentiment fell to 66.8 for November, according to preliminary data released Friday, Nov. 12.
According to CNBC, “That was the lowest since November 2011 and well below the Dow Jones estimate of 72.5. October’s reading was 71.7, meaning that the November level represented a 6.8% drop.”
Sources: Trading Economics, University of Michigan
Forbes noted, “The preliminary index comes as consumer prices rose 6.2% in October compared to the same month last year, marking the fastest annual pace in 30 years, according to the Bureau of Labor Statistics.”
Sources: Bespoke Investment Group, Bureau of Labor Statistics
The University of Michigan Surveys of Consumers chief economist Richard Curtin said the following about the survey results:
Source: University of Michigan
Reuters reported the following on another related economic report released on Friday, which showed that more than 4.4 million workers left their jobs in September:
Related to the issues of inflation and wage growth, Bespoke Investment Group points out, “Each month, small businesses are asked what their number one problem is, and recently it’s been all about inflation, the cost of labor, and the quality of labor. … The inflation data in the monthly NFIB Small Business Sentiment release is also quite telling.”
Sources: Bespoke Investment Group, National Federation of Independent Business (NFIB)
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