University of Michigan Survey declines after bouncing back from historic lows earlier this year.
Consumer sentiment fell about 9% below October, according to the University of Michigan Surveys of Consumers. The preliminary results, released Friday, November 11, erasing about half of the gains that had been recorded since the historic low in June.
The Index of Consumer Sentiment stood at 54.7, down 8.7% from 59.9 in October and down 18.8% from 67.4 in November 2021.
Consumer sentiment is viewed as a leading indicator of economic activity and sharp declines have often preceded or happened during the early point of recessions.
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