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“Whenever you find yourself on the side of the majority, it is time to reform (or pause and reflect).”
― Mark Twain
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Confidence Drives All
U.S. consumer sentiment fell more sharply than expected in November as worries over the prolonged federal government shutdown weighed on households. The University of Michigan’s sentiment index dropped to 50.3 from 53.6 in October, missing forecasts of 53.0. The decline spanned all demographic groups, reflecting broad economic unease.
Survey director Joanne Hsu said the record-long shutdown has intensified fears of wider economic fallout and disrupted the release of key government data relied on by investors and policymakers.
One exception was wealthier households with large stock holdings, whose sentiment rose 11% amid strong equity markets. Meanwhile, year-ahead inflation expectations edged up to 4.7%, while long-term expectations eased to 3.6%.
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