Consumer sentiment improves in November: Univ. of Mich.
The numbers: The final reading of the University of Michigan’s U.S. consumer-sentiment index in November was 96.8, above the October level of 95.5. The preliminary reading was 95.7.What happened: According to the UMich report, a gauge of consumers’ views on current conditions fell to 111.6 in November from 113.2 in October, while a barometer of their expectations rose to 87.3 from 84.2.
Many economists and Federal Reserve officials think the U.S. economy can avoid a recession because of the strong consumer sector. The holiday shopping season will be a good test for this thesis. What economists said: One indication in the data — the gap between the present conditions and expected conditions indices — are extremely wide and “flashing a warning signal,” said Josh Shapiro, chief U.S. economist at MFR Inc. This gap occurs when consumers believe that current prosperity is not going to last, Shapiro said.
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