Summary:
Consumer sentiment in the U.S. declined for the fourth consecutive month, with the University of Michigan’s sentiment index dropping to 60.4 in November, down from 63.8 in October. Concerns about high interest rates, inflation, and global political unrest contributed to the decline, particularly affecting lower-income and younger consumers. Despite retailers adding 3% more jobs in October compared to the previous year in anticipation of the holiday season, transportation and warehousing jobs fell by 27%. Additionally, while initial claims for unemployment insurance remained low at 217,000 for the week ending Nov. 4, continuing claims increased for the seventh consecutive week, suggesting challenges in finding new employment for some individuals.