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U.S. consumer sentiment plunges to 10-year low on inflation worries -UMich -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: As the worldwide coronavirus outbreak (COVID-19), persists, a woman holds nike shopping bags at Citadel Outlet mall in Commerce, California. It is December 3, 2020. REUTERS/Lucy Nicholson/File Photos/File Photograph

(Reuters] – U.S. consumer mood plunged in November, to its lowest level since a decade, as inflation continued to drive down household incomes. A widely followed poll published Friday revealed that few believe policymakers have taken sufficient measures to combat the situation.

From October’s final reading of 71.7, the University of Michigan’s Consumer Sentiment Index fell to 66.8. It was also the lowest reading since November 2011. This is far lower than the median estimation of economists, 72.4 according to a Reuters poll.

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