Consumer Sentiment Falls More Than Expected in November
November 13, 2020
Americans’ view of the economy has worsened in recent weeks, as coronavirus cases surge. The University of Michigan’s index of consumer sentiment fell to 77 during the two weeks ending November 10. That’s down from 81.8 in October. Economists surveyed by the Wall Street Journal had expected a much smaller drop to 81.5.
The component of the index that tracks consumers’ expectations for the economy in the coming months led the decline, falling from 79.2 in October to 71.3.
Experts worry that such a drop in consumer sentiment in the weeks before the holiday shopping season could be a bad sign for the fourth quarter’s economic growth.