U.S. consumer sentiment index likely dropped in November

The U.S. consumer confidence index is likely to have dropped a bit in November. The University of Michigan’s measure of consumer sentiment reached a cycle high in October on widespread positivity in current conditions and expectations for the future. More than half of the consumers surveyed expected good times to continue for the next year, and 51 percent expected uninterrupted growth for the next figure years.

Consumers had good reason for positivity, as the low jobless rate strengthened sentiment in the job market and income prospects. The continued uptrend in the stock market also gave reason for financial positivity, noted Wells Fargo in a research report. The recent data for personal spending imply that consumers are spending more, though income gains continue to lag. The flash data of consumer sentiment in November had showed a drop from October but remained in elevated territory. According to consensus expectations, the consumer sentiment index is expected to have come in at 99 in November.

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