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US Consumer Sentiment up to a 5 month high

Friday, Nov 11 2016
US Consumer Sentiment up to a 5 month high

Consumer confidence rose to a five-month high in early November as Americans became more upbeat about the economy in the days before the presidential election concluded. The University of Michigan said Friday that its preliminary index of sentiment for the month climbed to 91.6 from 87.2 in October. The median projection in a Bloomberg survey called for 87.9. The report also showed year-ahead inflation expectations rose the most since early 2015. Job and income gains helped to boost assessments of their finances, underscoring forecasts of sustained consumer spending approaching the holiday-shopping season.

At the same time, the survey reflects responses on or before Tuesday’s presidential election, and a “large majority” of respondents based their outlooks for the economy on expectations of a win by Hillary Clinton. “Since those who expected a Clinton victory were more optimistic, the fear is that their expectations may be revised downward in a manner that extends beyond a temporary reaction to Clinton’s loss,” Richard Curtin, director of the University of Michigan consumer survey, said in a statement.

 

Euro is currently being traded around 1.0870 level, Sterling is at 1.26 handle, while Aussie is below 0.7550 area.

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