The University of Michigan Consumer Confidence measure is out, and it crushed expectations.
Consumer confidence jumped to 75.1 in November, besting expectations for 73.1
The figure was up from the preliminary reading of 72.0.
The new report suggests that the dip in consumer confidence brought on by the government shutdown and debt ceiling saga has bounced back.
The economic conditions sub-index dropped to 88.0 from October’s 89.9 print. The economic outlook sub-index rose to 66.8 from October’s 62.5 figure.
The “1-year ahead” inflation expectation edged down to 2.9% from 3.0% in October.
“November Michigan consumer sentiment will likely be revised up slightly in the second pass, putting the month roughly in line with October,” Citi’s Peter D’Antonio wrote clients ahead of the report. “However, as the rise in optimism seems to have come late in the month, some of the improvement may actually boost the early December reading instead.”