Consumer Sentiment Unexpectedly Jumps, Fueled By Independents, Despite Growing AI Bubble Fears The UMichigan consumer sentiment survey unexpectedly jumped in November to a three-month high, boosted by modest improvements in Americans' views of their personal finances and the economic outlook.
The University of Michigan’s preliminary sentiment index increased to 51 in November from 48 in October; the median estimate in a Bloomberg survey of economists projected sentiment to hold at 48. Still, despite the improvement, the overall index remains just shy of the lowest prints ever recorded just a few months ago and during the early 1980s "hyperinflationary" period.
The improvement was concentrated among independents, who reported the strongest consumer sentiment in more than a year. Curiously, sentiment across both Democrats and Republicans deteriorated in the days ahead of the mid-term election (The survey period included responses from Oct.
20 to Nov. 2).