Consumer sentiment in the U.S. pulled back by less than initially estimated in the month of November, according to a report released by the University of Michigan on Wednesday.
The report said the consumer sentiment index for November was upwardly revised to 98.5 from the preliminary estimate of 97.8. Economists had expected the index to be upwardly revised to 98.0.
While the consumer sentiment index was upwardly revised by more than expected, it remains below the thirteen-year high of 100.7 seen in October.
"Overall, the Sentiment Index has remained largely unchanged since the start of the year at the highest levels since 2004," said Richard Curtin, the survey's chief economist. "What has changed recently is the degree of certainty with which consumers hold their economic expectations."
He added, "In contrast to the media buzz about approaching cyclical peaks and an aging expansion, with the implication of greater uncertainty about future economic trends, consumers have voiced greater certainty about their expectations for income, employment, and inflation."
The report said current economic conditions index fell to 113.5 in November from 116.5 in October, and the index of consumer expectations dipped to 88.9 from 90.5.
On the inflation front, one-year inflation expectations inched up to 2.5 percent in November from 2.4 percent in October, while five-year inflation expectations edged down to 2.4 percent from 2.5 percent.
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