Expectations for retail sales are still high this year. Will declining consumer sentiment throw a monkey wrench into the works?
Consumer sentiment fell sharply as Americans head into the traditional holiday shopping season.
The figure was better than expected. Economists had forecast a reading of 55 for November, closer to the midmonth reading. The gauge of current conditions dropped by 10.4 percent to 58.8 from the October level of 65.6 percent. Compared with a year ago, the view of current conditions is down 20.1 percent.
Inflation expectations held steady, indicating that the drop in official inflation statistics for October did little to move the needle on where consumers forecast inflation over the medium and longer term. The median expected year-head inflation was 4.9 percent, down a tick from the five percent in the prior month. The long-run inflation expectation was three percent, up slightly from the 2.9 percent recorded a month earlier.
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