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Investing.com - U.S. consumer sentiment darkened by more than anticipated in November, with households expressing concerns over the impact of an ongoing federal government shutdown.
According to a monthly survey from the University of Michigan, a reading of consumer sentiment fell to 50.3, down from 53.6 in October and below analysts’ expectations ot 53.0.
The decline was widespread through the population, encompassing various ages, income levels, and political affiliations, the report said.
Now the longest in history, the U.S. government shutdown has begun to exacerbate fears that it could have a wider impact on the world’s largest economy, said Joanne Hsu, Surveys of Consumers Director at the University of Michigan, in a statement.
Notably, the shutdown has led to a dearth of official data used by investors and policymakers alike to gauge the state of everything from employment growth to inflation. In their absence, observers have instead had to rely on private sources.
"One key exception" to the gloomier trend was in consumers with the biggest tercile of stock holdings, Hsu said. These Americans posted an 11% uptick in sentiment, bolstered by continued strength in stock markets.
Elsewhere, year-ahead inflation expectations inched up to 4.7% this month, compared to 4.6% in October and well below readings seen in May after President Donald Trump’s unveiled his sweeping tariff policies. Over a longer time horizon, the rate of price gains is seen at 3.6%, cooling from 3.9% last month.