U.S. consumer sentiment unexpectedly declined in early November against consensus calling for a slight increase. The deterioration was entirely due to expectations, while current conditions remained roughly unchanged. The interaction of those two factors, the outcome of the presidential election and resurgence in virus infections and deaths were the main culprits behind the drop.
The report also showed a significant deterioration in consumer finances, implying cautious spending this holiday season, particularly among low-income households.
The report also showed a significant deterioration in consumer finances, implying cautious spending this holiday season, particularly among low-income households.