Falling stock markets and high shop prices hit US consumer confidence; rate cut hopes lift Wall Street – as it happened | Business
US consumer sentiment weakens amid high prices and falling markets
US consumer sentiment fell in November to one of the lowest levels on record as Americans grow gloomier about their personal financial outlook.
The University of Michigan’s index of consumer morale has dropped to 51 for November, down from 53.6 in October.
The recent stock market falls appear to have dented sentiment among rich Americans, while other citizens are suffering from high prices in the shops.
Surveys of Consumers director Joanne Hsu explains:
After the federal shutdown ended, sentiment lifted slightly from its mid-month reading. However, consumers remain frustrated about the persistence of high prices and weakening incomes.
This month, current personal…
