US consumer sentiment falls for the first time in 4 months as spiking COVID-19 cases spur worry
- The University of Michigan's
consumer sentiment indexfell to 77 in a preliminary November reading from 81.8, marking its first decline in four months and hitting its lowest point since August.
- Economists surveyed by Bloomberg expected a reading of 82.
- The university's gauge of consumer expectations plunged to 71.3 from 79.2 as soaring COVID-19 cases and the US presidential election weighed on recovery hopes.
- While President-elect Joe Biden's victory did little to boost Democrats' outlooks, Republicans' expectations for the
economyfell to their lowest since President Donald Trump took office.
Americans are turning pessimistic about the economy for the first time in months as coronavirus cases repeatedly hit new records.
The University of Michigan's index of consumer sentiment fell to 77 in a preliminary November reading from 81.8, marking its first decline in four months. Economists surveyed by Bloomberg expected the gauge to edge higher to 82. Friday's reading is also the index's lowest since August.The university's index of consumer expectations sank to 71.3 from 79.2, also hitting its lowest in three months. Much of the decline came from a dive in expectations among Republicans following the early November elections. Democrats' expectations for the economy were little changed despite President-elect Joe Biden winning the presidential race.
"It is likely that Democrats' fears about the covid resurgence offset gains in economic expectations,"
The drop in
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