University of Michigan Survey: U.S. Consumer Confidence Falls to One of Its Historical Lows

Golden Finance reports that U.S. consumer confidence fell to one of its historical lows in November as Americans became more pessimistic about their financial situation. According to data from the University of Michigan, the final consumer confidence index for November dropped from 53.6 in October to 51, just slightly above the preliminary figure. The current conditions index decreased by 7.5 points to a record low of 51.1. Consumers' views on their personal finances are at the most pessimistic level since 2009. Survey director Joanne Hsu stated, “Consumers remain frustrated by persistently high prices and declining incomes.” Data shows that consumers expect prices to rise at an annual rate of 4.5% over the next year, marking a slowdown for the third consecutive month. They anticipate an average price increase rate of 3.4% over the next five to ten years, down from 3.9% in October. While concerns about inflation have eased among Americans, they still feel anxious about high living costs and job security. The report indicates that the probability of individual unemployment risk has risen to its highest level since July 2020. The number of people continuing to receive unemployment insurance rose to its highest level in four years earlier this month, indicating that unemployed Americans are finding it increasingly difficult to secure new jobs.