U.S. consumer sentiment fell in November to its lowest level in 10 years as Americans grew increasingly concerned about inflation and policymakers failed to combat the surging prices.
The University of Michigan Consumer Sentiment Index plummeted to 66.8 in November, decreasing from October’s 72.5 figure and reading the lowest since the index hit 71.7 in November 2011.
The survey showed that consumers anticipate higher inflation rates in the future, with the 12-year forecast reaching 4.9%.
“Consumer sentiment fell in early November to its lowest level in a decade due to an escalating inflation rate and the growing belief among consumers that no effective policies have yet been developed to reduce the damage from surging inflation,” Richard Curtin, the survey’s chief economist, said in the report.
Additionally, the survey found that one in four Americans reduced their standard of living due to increasing prices and half of all families expect reduced real income in the next year due to growing inflation.
“Rising prices for homes, vehicles, and durables were reported more frequently than any other time in more than half a century,” Curtain added.
Meanwhile, a record 4.4 million people quit their jobs in September, and job openings remained near record highs as workers reevaluated their employment situation and searched for higher wages.
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