Consumer Confidence Rebounds In Early November While Gas Prices Fall

The University of Michigan’s Surveys of Consumers Consumer Sentiment Index jumped back to 91.6 during early November, reversing a drop in the final October reading of 87.2 from 91.2 in September. The uptick surprised many economists. The preliminary November survey was conducted between Oct. 27 and Election Day, Nov. 9. The month’s final reading, which will include interviews after the election, will be released Nov. 23.

“The most striking finding in early November was that both near- and long-term inflation expectations jumped,” said the survey’s Chief Economist Richard Curtin. “These increases must be replicated before they can be taken to indicate a troublesome development.”

Gasoline prices, meanwhile, had fallen for 17 consecutive days through Monday, Nov. 21. The national average price of a gallon of regular fell to $2.139, down from $2.23 a month ago. Still average prices remain slightly higher than a year ago when the average price for a gallon of regular stood at $2.088.