University of Michigan survey: U.S. consumer confidence falls to one of historic lows

US consumer confidence slid to one of its all-time lows in November as Americans became more pessimistic about their finances. The final index of consumer confidence fell to 51 in November from 53.6 in October, according to the University of Michigan, only slightly higher than the initial reading. The current conditions index fell 7.5 points to a record low of 51.1. Consumers' views on personal finances were the most pessimistic since 2009. "Consumers remain frustrated with continued high prices and falling incomes," said survey leader Joanne Hsu. Consumers expect prices to rise at an annual rate of 4.5 per cent in the coming year, the third straight month of moderation, the data showed. They expect annual price increases to average 3.4 per cent over the next five to 10 years, compared with 3.9 per cent in October. While inflation fears have eased, Americans remain anxious about the high cost of living and job security. The report showed the probability of an individual losing their job rose to its highest level since July 2020. The number of people renewing unemployment insurance rose to its highest level in four years at the start of this month, indicating that unemployed Americans are having more trouble finding jobs again.