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Americans are feeling worse about the US economy

Americans are feeling worse about the US economy



CNN reporter shows what consumer price growth means for inflationReplayMore Videos ... (16 Videos)CNN reporter shows what consumer price growth means for inflation'It's taking longer than I thought': Why some jobs seekers can't find workWhat the Fed's latest historic interest rate hike meansFed's Powell: 'Time for easing rate increases is coming''Shark Tank' star makes prediction about the economy'Recession is pretty much a foregone conclusion:' Economist explainsSenior citizen on inflation: Everything is going up except our incomeHear when Larry Summers thinks the US will enter a recessionPeople in small town were left reeling after factory closure. Hear how they plan to voteHere's what a strong US dollar means for youCrushing three year drought leads to shortage of this grocery stapleWatch two sisters get the 'surprise of a lifetime' at this drive-thru food pantryConsumer prices surge and mortgage rates hit 20-year highJobs economist: Worker shortage may keep inflation high'Made in America' is making a comebackHear what Larry Summers thinks about a possible recessionMinneapolis (CNN Business)Consumers were feeling slightly worse about the US economy in November, amid punishing rate hikes and decades-high inflation, according to a closely followed University of Michigan survey released Friday.

The preliminary index reading from the Surveys of Consumers showed sentiment fell to 54.7 from 59.9 in October. Economists were expecting sentiment levels to tick down to 59.5, according to estimates on Refinitiv.The survey also showed that consumers' inflation expectations for this year and five years out remained relatively unchanged, a key data point for the Federal Reserve. The median expected year-ahead inflation rate was 5.1%, up from 5% last month. Long-run expectations were at 3%, holding in the same 2.9% to 3.1% range for 15 of the past 16 months, according to the data.The Fed is closely watching for shifts in consumer expectations to determine if inflation is becoming entrenched in the United States: If consumers believe prices will remain high, that could factor in to increased wage demands which, in turn, could cause businesses to raise prices.On Thursday, the Labor Department's monthly Consumer Price Index showed that inflation slowed to 7.7% in October, falling further than expected and sending stocks surging on the news. Read MoreThis story is developing and will be updated.


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