US consumer sentiment falls 5% in November

US consumer sentiment in November declined 5% from the previous month, according to a survey released Wednesday.

The index of consumer sentiment plummeted 3.1 points to 56.8 in November, according to the University of Michigan's consumer survey final results. It stood at 59.9 in October.

"Along with the ongoing impact of inflation, consumer attitudes have also been weighed down by rising borrowing costs, declining asset values, and weakening labor market expectations," Surveys of Consumers Director Joanne Hsu said in a statement.

The index of current economic conditions plummeted 6.8 points to 58.8 in November from 65.6 in October.

The index of consumer expectations declined 0.6 points to 55.6, from 56.2, during that period.

"Inflation expectations were also little changed from October. The median expected year-ahead inflation rate was 4.9%, down slightly from 5.0% last month," said Hsu.

Source: Anadolu Agency