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US: Household confidence weakens (Michigan)

(CercleFinance.com) – US consumer confidence weakened in November, but less than initially announced, according to the final results of the University of Michigan’s monthly survey published on Wednesday.

The Midwest-based university’s confidence index ended up at 56.8, a level higher than the first estimate (54.7), but still sharply down from the level of 59.9 reached in October.

It is the component of households’ judgment of their current situation that fell the most, to 58.8 compared to 65.6 the previous month.

The expectations component stood at 55.6 after 56.2 in October.

According to Joanne Hsu, the author of the survey, consumers – beyond the rise in inflation – are suffering from higher borrowing costs, the drop in the price of their property and the easing of tensions in the labor market.

Copyright (c) 2022 CercleFinance.com. All rights reserved.

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