US Consumer Confidence Index Rises Slightly by 6%, High Prices Still Erode Living Standards

On November 6, preliminary surveys from the University of Michigan showed that the US Consumer Confidence Index rose slightly by about 6%. Improvements were noted in several areas, including expectations for personal financial situations and the business environment, primarily among independent voters. Confidence among low- and middle-wealth consumers increased, while confidence among high-wealth consumers declined by 5%. Concerns about an artificial intelligence bubble have intensified, with approximately 57% of respondents mentioning that high prices are eroding living standards, the highest level since May of this year, up from 46% in February. Despite the improvement in consumer confidence, it remains down by 10% compared to February.

The survey was conducted from October 20 to November 2. More than two-thirds of consumers expect the Democratic Party to win control of the House of Representatives, and more than half expect the Democratic Party to win the Senate. Inflation expectations for the coming year decreased from 4.7% last month to 4.3%, the lowest since August, but still higher than 3.4% in February. Long-term inflation expectations fell from 3.5% in October to 3.4%, still above the range of 2.8% to 3.2% for 2024.

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