The final reading for the November Reuters/Michigan index of consumer sentiment came in at 76.9 compared to a preliminary reading of 77.0 and the October final reading of 81.8. This was the lowest reading since August.

Economists had forecast the index to remain unrevised at 77.0.

According to the report, the index of consumer expectations plunged 11.0 percent m-o-m to 70.5 from October’s final reading of 79.2, while the index of the current economic conditions rose 1.3 percent m-o-m to 87.0 from October’s final reading of 85.9.

“…the November data were less optimistic than last month due to the resurgence in covid infections and deaths as well as partisan shifts due to the outcome of the presidential election)”, noted Richard Curtin, the Surveys of Consumers chief economist.