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University of Michigan sentiment (final) for November 61.3 versus 60.6 estimate
Preliminary estimate came in at 60.4 • Prior month 63.8 • preliminary estimate 60.4 • University of Michigan sentiment index final 61.3 versus 60.6 expected • Current conditions 68.3 versus 65.7 last month. • Expectations 56.8 versus 56.9 last month • 1 year inflation 4.5% versus 4.4% preliminary. Last month the inflation next reading came in at 4.2% • 5 year inflation 3.2% versus 3.2% preliminary. Last month the inflation expectations reading came in at 3.0%
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UMich Inflation Expectations Continued Soaring In November
UMich inflation expectations rose even further intra-month, jumping from 4.4% to 4.5% final (for 1Y inflation outlook) and from 3.1 to 3.2% final (for 5-10Y outlook). That is the highest medium-term inflation expectation since 2011. Despite easing prices ate the pump, for some consumers, food and gas prices continue to weigh heavily on their economic views; about 18% of consumers spontaneously mentioned food prices, and about 17% referenced gas prices. These concerns pass through to inflation expectations; those who alluded to food or gas prices held year-ahead inflation expectations of over 5%, considerably higher ... (full story)