University of Michigan survey: U.S. consumer confidence drops to one of the lowest levels in history

Jinse Finance reported that U.S. consumer confidence fell in November to one of its historical lows, as Americans became more pessimistic about their own financial situations. According to data from the University of Michigan, the final value of the consumer confidence index in November dropped to 51 from 53.6 in October, only slightly higher than the preliminary value. The current conditions index fell by 7.5 points to a record low of 51.1. Consumers' views on their personal finances were the most pessimistic since 2009. Survey director Joanne Hsu stated, "Consumers remain frustrated by persistently high prices and declining incomes." The data shows that consumers expect prices to rise at an annual rate of 4.5% over the next year, marking the third consecutive month of slowdown. They expect the average annual price increase over the next five to ten years to be 3.4%, compared to 3.9% in October. Although Americans' concerns about inflation have eased somewhat, they still feel anxious about the high cost of living and job security. The report shows that the probability of personal unemployment risk has risen to its highest level since July 2020. The number of continued unemployment insurance claims rose to a four-year high at the beginning of this month, indicating that it is becoming more difficult for unemployed Americans to find new jobs.