Consumer Sentiment Climbs as Americans Buoyed by Price Discounts
Source: Bloomberg
November 13, 2015 — 10:00 AM EST
Consumer sentiment climbed more than forecast in November as Americans took heart in lower interest rates and store discounts.
The University of Michigan’s preliminary consumer sentiment index for this month rose to 93.1, a four-month high, from 90 in October, a report showed Friday. The median projection in a Bloomberg survey called for a reading of 91.5.
The gain in confidence was propelled by those in the bottom two-thirds of the pay scale as a firming job market and cheap fuel costs made for the most-favorable income expectations in almost nine years. That bodes well for the holiday-shopping season after retail sales were weaker than projected last month.
“Confidence rose in early November mainly due to a stronger outlook for the domestic economy,” Richard Curtin, director of the Michigan Survey of Consumers, said in a statement. “Buying plans remained very favorable in early November due to low prices and currently low interest rates.”
Read more: http://www.bloomberg.com/news/articles/2015-11-13/consumer-sentiment-climbs-as-americans-buoyed-by-price-discounts
