NEW YORK – U.S. consumer sentiment ended weaker in November than October, a private survey showed on Wednesday, as consumers pared their view of current and future financial conditions.
The University of Michigan's final reading on consumer sentiment in November was 92.1, down from October's 93.6 final, said sources who saw the subscription-only report.
The median forecast of Wall Street economists polled by Reuters was for a reading of 93.1.
University of Michigan's preliminary November gauge on consumer sentiment was 92.3.
Although lower than their October levels, the November University of Michigan figures were not too far below their highs of the year.
Other surveys showed improvement in consumer sentiment during November on low gasoline prices, a rising stock market and this month's elections which shifted control of Congress.
While well below their summer peak, retail gasoline prices have been edging up ahead of the Thanksgiving holiday, one the heaviest travel periods of the year. A gallon of regular unleaded gasoline averaged $2.24, its highest level in six weeks, the government said on Monday.
The survey's index of current conditions ended at 106.0 in November compared with October's 107.3 final reading, while consumer expectations finished at 83.2 versus October's 84.8.
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 slipped in November, the report said, according to the sources.
The University of Michigan's final November reading on one-year U.S. inflation expectations was 3.0 percent, down from 3.1 percent at the end of October.
Median expectations for inflation over a five-year horizon was 3.0 percent, down from October's 3.1 percent final.