U.S. Consumer Confidence Index Rises, Next Year's Inflation Expected to Ease

BlockBeats News, November 8th, boosted by Americans' optimism about the future economy and financial situation, the U.S. Consumer Confidence Index rose to its highest level in seven months in November. The preliminary University of Michigan Consumer Confidence Index for November rose to 73, higher than the expected 71. The Expectations Index soared to 78.5, the highest since mid-2021. The optimistic outlook also reflects Americans' expectations of a slowdown in inflation. Consumers expect prices to rise by 2.6% next year, the lowest level since 2020.

However, expectations for inflation in the next 5 to 10 years have risen to 3.1%. The survey was conducted from October 22nd to November 4th. Survey director Joanne Hsu said, "Consumers have always expressed that the future of the economy depends on who wins the presidential election. Looking ahead, the economic policies of the next administration's impact on inflation may become the most concerning issue for consumers, driving their confidence trajectory in economic performance." The Personal Financial Expectations Index rose to its highest level since March, partly due to improvements in personal financial situations. Confidence in the long-term business conditions soared to a near four-year high. (Golden Finance)