University of Michigan study shows one in four consumers cited inflation eroding living standards in November.
Consumers expressed less optimism than any other time in the past decade, including more negative prospects for their own finances as well as for the overall economy, according to the University of Michigan Surveys of Consumers.
The Consumer Sentiment Index declined in November to 67.4, down 6.0% from last month’s 71.7 and falling to the lowest level in a decade. The Expectations Index fell to 63.5 from last month’s 67.9 and was well below last year’s 70.5. The Current Conditions Index fell to 73.6,