Consumer Confidence Is At A Seven-Year High

Consumer confidence remains at a seven-year high.

The final reading on November consumer confidence from the University of Michigan came in at 88.8, down slightly from the preliminary reading but still solid.

Expectations were for the reading to come in at 90.0, up from the preliminary 89.4 reading earlier this month.

That read was a seven-year high for the index, and Thursday’s number is also the highest since July 2007 on a final basis.

The report also showed that consumers’ read on current conditions is at 102.7, down from the preliminary 103.0 reading but up from October’s final reading of 98.3.

Consumer expectations are at 79.9, down from the preliminary 80.6, but up slightly from the 79.6 final reading in October.

Inflation expectations for the next year ticked up in the final reading, to 2.8% from 2.6%, but for the next five years expectations remained at 2.6%.

More to come …

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.