U.S. Consumer Sentiment Index Downwardly Revised But Still At 7-Year High

(RTTNews) - Consumer sentiment in the U.S. improved by less than previously estimated in the month of November, according to a report released by Thomson Reuters and the University of Michigan on Wednesday.

The report said the consumer sentiment index for November was downwardly revised to 88.8 from the mid-month reading of 89.4.

While the index remains above the final October reading of 86.9, economists had expected the index to be upwardly revised to 90.0.

Nonetheless, the downwardly revised reading on consumer sentiment in November still represents the highest reading since July of 2007.

The report said the survey's barometer of current economic conditions in November was downwardly revised to 102.7 from 103.0 but remained well above the 98.3 recorded for the previous month.

The survey's gauge of consumer expectations was also downwardly revised to 79.9 from 80.6. The index was just above the October reading of 79.6.

Meanwhile, one-year inflation expectations dipped to 2.8 percent in November from 2.9 percent in October, while the five-year inflation outlook slid to 2.6 percent from 2.8 percent.