U.S. Consumer Sentiment Falls to 50.3, Lowest Since June 2022

The University of Michigan's preliminary data show the November consumer sentiment index fell to 50.3 from 53.6 in October, the lowest level since June 2022. The current conditions index dropped 6.3 points to a record low of 52.3, reflecting concerns over potential government shutdown impacts and elevated prices. Consumers expect prices to rise at an annual rate of 3.6% over the next five to ten years, while 71% of respondents anticipate unemployment will increase over the next year, more than double the proportion from a year ago.