Michigan Consumer Sentiment Exceeds Expectations In November

Vladimir Zernov

The report marked a fourth consecutive month of declines in consumer sentiment.

Consumer Confidence

In this article:

Key Insights

  • Index of Consumer Sentiment decreased from 63.8 in October to 61.3 in November. 
  • Current Economic Conditions declined from 70.6 to 68.3.
  • Index of Consumer Expectations pulled back from 59.3 to 56.8.

On November 22, the University of Michigan released the final reading of Michigan Consumer Sentiment report for November. The report indicated that Consumer Sentiment declined from 63.8 in October to 61.3 in November, compared to analyst consensus of 60.5.

Current Economic Conditions decreased from 70.6 in October to 68.3 in November, while Index of Consumer Expectations declined from 59.3 to 56.8.

The University of Michigan commented: “Younger and middle-aged consumers exhibited strong declines in economic attitudes this month, while sentiment of those age 55 and older improved from October.”

Treasury yields are moving higher today. The yield of 2-year Treasuries settled near 4.92%, while the yield of 10-year Treasuries moved above the 4.41% level.

U.S. Dollar Index tested session highs after the release of the better-than-expected Consumer Sentiment report. Traders bet that U.S. dollar will rebound after the recent pullback.

Gold moved back below the psychologically important $2000 level. Gold traders focus on stronger dollar and rising Treasury yields, which is bearish for gold and other precious metals.

SP500 continues to move away from session highs. The general market sentiment remains bullish, but it looks that some traders are willing to take profits ahead of the holiday.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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