A measure of consumer sentiment improved south of the border in early November, signaling Americans felt better about the economy as the election cycle wound down and holiday shopping season began.
The University of Michigan said Friday its preliminary reading of consumer sentiment rose to 91.6 this month from October’s final reading of 87.2. Last month’s reading matched September 2015 as the lowest reading of the past two years.
The survey for the preliminary November reading occurred between Oct. 27 and Tuesday, Election Day. November’s final reading, scheduled for Nov. 23, will include both pre- and post-election interviews.
The latest reading was well above the 88.0 figure economists expected.
The survey found consumers also raised their expectations for future inflation. Consumer expectations for both short-term and longer-term annual inflation rose to 2.7% in the early November reading from October’s record-matching low of 2.4%.
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