A report from the University of Michigan revealed on Friday the preliminary reading for the Reuters/Michigan index of consumer sentiment decreased 5.9 percent m-o-m to 77.0 in early November. This was the lowest reading since August.

Economists had expected the index would rise to 82.0 this month from October’s final reading of 81.8.

According to the report, the index of current U.S. economic conditions edged down 0.1 percent m-o-m to 85.8 in November from 85.9 in the previous month. Meanwhile, the index of consumer expectations plunged 10.0 percent m-o-m to 71.3 this month from 79.2 in October.

“Consumer sentiment fell in early November as consumers judged future economic prospects less favorably, while their assessments of current economic conditions remained largely unchanged”, noted Surveys of Consumers chief economist, Richard Curtin. “The outcome of the presidential election as well as the resurgence in covid infections and deaths were responsible for the early November decline,” he added.