10:12 AM EST, 11/22/2024 (MT Newswires) -- The University of Michigan consumer sentiment index was revised downwards Friday to a reading of 71.8 for November from 73.0 in the preliminary estimate, compared with expectations for an upward revision to 73.9 in a survey compiled by Bloomberg as of 7:30 am ET.

The index was still above the final reading of 70.5 in October.

The current conditions index was revised down to 63.9 from a 64.4 preliminary estimate, below the 64.9 reading in October, while the expectations index was revised down to 76.9 from 78.5. The index was 74.1 in October.

Respondents expected a 2.6% inflation rate over the next year, down from 2.7% in the previous month and 3.2% annual inflation over the next five years, above 3% in October.

Michigan noted uncertainty about the outlook after the election and, not surprisingly, split confidence readings between democrats and republicans.

The twice-monthly Michigan Sentiment index measures consumer sentiment early in the current month (the preliminary estimate) and is then revised later in the month (the final estimate).

The headline index is a combination of the current assessment and expectations for the near future. An increase in the reading suggests consumers are more confident, a positive for stocks if that confidence translates into spending. Increased demand is usually inflationary, a negative for bonds.