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U.S. consumer sentiment plunges to 10-year low on inflation worries -UMich - Metro US

U.S. consumer sentiment plunges to 10-year low on inflation worries -UMich

FILE PHOTO: A woman carries Nike shopping bags at the Citadel Outlet mall, as the global outbreak of the coronavirus disease (COVID-19) continues, in Commerce

(Reuters) – U.S. consumer sentiment plunged in early November to the lowest level in a decade as surging inflation cut into households’ living standards, with few believing policymakers are taking sufficient steps to mitigate the issue, a widely followed survey published on Friday showed.

The University of Michigan’s Consumer Sentiment Index plunged to 66.8 in its preliminary November reading from October’s final reading of 71.7. That was the lowest level since November 2011 and was far short of the median estimate among economists of 72.4 in a Reuters poll.

(Reporting By Dan Burns; Editing by Chizu Nomiyama)

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