updated 11/9/2006 10:42:57 AM ET 2006-11-09T15:42:57

U.S. consumer sentiment weakened slightly in early November, a report showed on Friday, as consumers scaled back their view of their current and future financial conditions.

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The University of Michigan’s preliminary reading on consumer sentiment in November was 92.3, down from October’s reading of 93.6, said sources who saw the subscription-only report.

The median forecast of Wall Street economists polled by Reuters was for a reading of 93.6.

The survey’s index of current conditions slipped to 106.5 in early November from 107.3 in October, while consumer expectations dipped to 83.2 from 84.8 in October.

Consumer spending accounts for about two-thirds of U.S. economic activity, but in recent years confidence measures have been a weak guide to actual spending.

Consumers’ expectations for increased inflation fell in early November the report said, according to the sources.

The University of Michigan’s preliminary November reading on one-year U.S. inflation expectations was 3.0 percent, down from 3.1 percent in October.

Median expectations for inflation over a five-year horizon fell to 3.0 percent from 3.1 percent in October.

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