St. Paul, MN (November 19, 2019) — According to Bloomberg, U.S. consumer sentiment improved for a third-straight month in November as Americans grew more upbeat about their financial situation and the economic outlook, fresh signs they’ll continue to fuel growth.
The University of Michigan’s preliminary sentiment index edged up to 95.7 from 95.5 in October, according to data released Friday that topped projections for no change. The expectations gauge rose to a four-month high while the reading for current conditions decreased. Economic outlooks for the next 12 months and five years both rose.
Key Insights
- The longest streak of sentiment gains in two years is the latest sign that low unemployment, record stock prices and Federal Reserve interest-rate cuts are brightening the outlook for consumers whose spending has underpinned growth.
- An improved financial situation was reported by 55% of all consumers in early November, a level that’s only been exceeded in four other surveys in a half century of data.
- Consumers were more likely to anticipate good times in the overall economy rather than bad in the year ahead and were more likely to expect a continuous economic expansion, both marking shifts from last month, according to the report.
- The interview period from Oct. 22 to Nov. 6 included the Fed’s third-straight interest-rate cut. The reports showed steady economic growth and hiring.
- The Michigan data follow mixed readings in other measures of sentiment. Bloomberg’s Consumer Comfort Index fell in the week ended Nov. 3 to the lowest since March, while the Conference Board’s gauge remained near historically high levels in October.
Official’s View
“The strongest part of the economy has been job and wage gains,” Richard Curtin, director of the University of Michigan consumer survey, said in a statement. “Although consumers have become somewhat more cautious spenders, they see no reason to engage in the type of retrenchment that causes recessions.”
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Matsuura Machinery USA, Inc., located in St. Paul, MN is the U.S. subsidiary of Matsuura Machinery Corporation in Japan. Since 1935, Matsuura has been the forerunner in designing innovative technology and manufacturing solutions to a variety of industries around the globe. Matsuura Machinery USA, Inc. delivers unmatched excellence in 5-axis, vertical, horizontal, linear motor, multi-tasking CNC machine tools and machines with a powder bed metal AM platform with machining capability. Matsuura Machinery USA, Inc. provides the service, applications and technical field support that have always been the Matsuura standard for business.
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