U.S. Consumer Sentiment Deteriorates More Than Initially Estimated November

Consumer sentiment in the U.S. unexpectedly deteriorated by more than initially estimated in the month of November, according to a report released by the University of Michigan on Wednesday.

The report said the consumer sentiment index for November was downwardly revised to 97.5 from the preliminary reading of 98.3.

Economists had expected the consumer sentiment index to be unrevised at 98.3, which was still down slightly from 98.6 in October.

"Although the data recorded a decline of 2.8 Index points following the election, the drop was related more to income than political party," said Surveys of Consumers chief economist Richard Curtin.

"Among those with incomes in the bottom third, the Sentiment Index rose by 10.4 points and fell by 6.6 points among those in the top third of the income distribution," he added. "In contrast, the Sentiment Index remained unchanged among Democrats and Republicans."

The report said the current economic conditions index for November was downwardly revised to 112.3 from 113.2 and is now below the October reading of 113.1. The index of consumer expectations dipped to 88.1 from 89.3.

On the inflation front, one-year inflation expectations slipped to 2.8 percent in November from 2.9 percent in October, while five-year inflation expectations rose to 2.6 percent from 2.4 percent.