US consumer sentiment slumps; inflation expectations edge up - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

The University of Michigan’s preliminary November reading on the overall index on consumer sentiment came in at 54.7, down from 59.9 in the prior month.

Economists polled by Reuters had forecast a preliminary reading of 59.5. The survey’s reading of one-year inflation expectations edged up to 5.1% from 5.0% in October. The survey’s five-year inflation outlook rose to 3.0% from 2.9% in October. “The Fed telegraphed their intentions to slow the pace of rate increases and this report will not likely alter those intentions,” said Jeffrey Roach, chief economist at LPL Financial in Charlotte, North Carolina.

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