Economy

Economic Data Roundup (11/10/2017)

11/10/17 12:00 PM

iStock-517010420.jpgThe consumer sentiment index from the University of Michigan fell to 97.8 in November. That was the largest monthly decline in roughly a year and much worse than expected, although still near the high-end of the post-recession range. Under the hood, surveyed Americans’ opinions of both current and future economic conditions pulled back from near-record levels in November, which the report’s authors said was in part due to a “slight rise in year-ahead inflation expectations and a growing consensus that interest rates will increase.” Reported optimism about the labor market continued to improve this month and anticipated wage gains posted their highest two-month reading in a decade. Such confidence about future earning power helps explain why consumer spending has picked up recently even as current wage growth remains muted. The report added that “overall, the data are consistent with a 2.7% rise in personal consumption spending in 2018.”

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Sources: Econoday, UoM

Post author: Charles Couch