After reporting a jump in U.S. consumer sentiment in the previous month, the University of Michigan released a report on Friday showing a bigger than expected pullback in sentiment in the month of November.
The report said the preliminary reading on the consumer sentiment index for November came in at 97.8 compared to the final October reading of 100.7. Economists had expected the index to dip to 100.0.
The bigger than expected decrease by the consumer sentiment index came after it surged up to a thirteen-year high in October.
"Consumer sentiment declined slightly in early November due to widespread losses across current and expected economic conditions," said Richard Curtin, the survey's chief economist.
However, he noted, "The losses were quite small as the Sentiment Index remained at its second highest level since January."
The report said the current economic conditions index fell to 113.6 in November from 116.5 in October, while the index of consumer expectations dropped to 87.6 from 90.5.
On the inflation front, one-year inflation expectations climbed to 2.6 percent in November from 2.4 percent in October, while five-year inflation expectations were unchanged at 2.5 percent.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.