According to ChainCatcher news, reported by Jinshi, buoyed by Americans' optimism about future economic and financial conditions, the U.S. Consumer Confidence Index soared to its highest level in seven months in November. The preliminary value of the University of Michigan's November Consumer Confidence Index rose to 73, above the expected 71. The expectations index skyrocketed to 78.5, the highest since mid-2021. The optimistic outlook also reflects American expectations for a slowdown in inflation. Consumers expect prices to rise by 2.6% next year, the lowest level since 2020.
However, the inflation expectations for the next 5 to 10 years have risen to 3.1%. The survey was conducted from October 22 to November 4. Survey director Joanne Hsu said, "Consumers have consistently indicated that the future of the economy depends on who wins the presidential election. Looking ahead, the economic policies of the next administration may become the most pressing concern for consumers regarding inflation, influencing their confidence in economic performance." The personal financial expectations index has risen to its highest level since March, partly due to improvements in personal financial conditions. Confidence in long-term business conditions has surged to its highest point in nearly four years.
