The U.S. Consumer Confidence Index rises, expecting inflation to slow down next year

ChainCatcher news, according to Jinshi reports, buoyed by Americans' optimism about the future economic and financial situation, the U.S. Consumer Confidence Index rose to its highest level in seven months in November. The preliminary Consumer Confidence Index from the University of Michigan for November increased to 73, above the expected 71. The expectations index soared to 78.5, the highest since mid-2021. The optimistic outlook also reflects Americans' expectations for slowing inflation. Consumers expect prices to rise by 2.6% next year, the lowest level since 2020.

However, the inflation expectations for the next 5 to 10 years rose to 3.1%. The survey was conducted from October 22 to November 4. Survey director Joanne Hsu said, "Consumers have consistently indicated that the future of the economy depends on who wins the presidential election. Looking ahead, the economic policies of the next administration may become the most concerning issue for consumers regarding inflation and could drive 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 conditions. Confidence in long-term business conditions surged to a nearly four-year high.