IE 11 is not supported. For an optimal experience visit our site on another browser.

Consumer sentiment improves in Nov.

U.S. consumers have grown more cheerful so far this month as the hotly contested presidential election drew to a close and job prospects seemed to improve, according to a survey released on Friday.
/ Source: Reuters

U.S. consumers have grown more cheerful so far this month as the hotly contested presidential election drew to a close and job prospects seemed to improve, according to a survey released on Friday.

As anxiety over the election subsided, the University of Michigan's preliminary reading of confidence for November climbed to 95.5 from 91.7 in October, according to market sources who saw the subscription-only report. Economists had forecast a more moderate rise to 93.0.

Confidence measures are generally viewed as a barometer of consumer spending, which accounts for two-thirds of the U.S. economy.

But the correlation between confidence and retail sales has not been strong in recent years. For that reason, financial markets had little reaction to the figures.

Data out earlier showed a sharp increase in gasoline prices has not prevented consumers from shopping in earnest. Retail sales excluding autos rose a respectable 0.9 percent.