U.S. consumer sentiment remained near record high levels in the first weeks of November, according to a University of Michigan survey Friday.
Consumer sentiment remained virtually unchanged in early November from its October reading.
Importantly, interviewing went through Wednesday night so there was only a one-day overlap after the mid-term election results were known by consumers,” said Richard Curtin, the survey’s chief economist.
The positives were offset, however, by anticipation of rising inflation and higher interest rates.
Curtin noted that “younger consumers have benefited most from more positive income trends and older consumers are more likely to complain about the erosion of their living standards due to rising prices; rising interest rates weigh heavily on younger consumers who are more likely to borrow, and older consumers are more likely to benefit from higher returns on their savings.”