Economy

US consumer sentiment rises slightly as outlook for the economy improves

Share
Key Points
  • The early November read on consumer sentiment rose to 95.7 from 95.5 in October, the University of Michigan's Surveys of Consumers data showed.
  • Economists polled by Dow Jones expected sentiment to rise to 95.3.
  • The trade war remains a top concern for consumers as one-in-four of them mentioned tariffs in a negative way in early November, the university said.
Twenty/20

Sentiment in the U.S. rose more than expected this month as consumers grew slightly more confident about the economy, according to preliminary data released Friday by the University of Michigan.

The early November read on consumer sentiment rose to 95.7 from 95.5 in October, the university's Surveys of Consumers data showed. Economists polled by Dow Jones expected sentiment to rise to 95.3.

"Consumers did voice a slightly more positive outlook for the economy, which was offset by a slightly less favorable outlook for their own personal finances," Richard Curtin, chief economist for the Surveys of Consumers, said in a statement.

The number was nearly identical to last month's and the average 2019 level of 95.6, according to the university.

The U.S.-China trade tensions have eased lately with the two sides working to finalize a so-called "phase one" deal. The recent economic data also largely came in better than expected. A gauge for U.S. services activities topped expectations for October, while the labor market remains solid as jobs creation easily beat estimate last month.

However, the trade war is still a top concern for consumers as one-in-four of them mentioned tariffs in a negative way in early November, the university said.