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Consumer sentiment in November rises to highest level since April

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U.S. consumer sentiment rose to the highest level since April as gasoline prices continued to fall and inflation concerns eased.

According to the University of Michigan’s survey in November, the sentiment index increased to 73 from 70.5 with expectations leading the increase.

Consumer sentimentThe election should not have any impact on the results of the survey because it was mostly completed before election night. Sentiment rose for respondents with political affiliations from both parties.

The subindex for gas prices fell to the lowest level since March, helping drive the gains in sentiment on the month. The 12-month inflation expectations as a result dropped to 2.6%, the lowest level since 2021.

The takeaway

The increase in sentiment should continue to push spending higher as the past three months have shown. We expect another reason for a solid quarter ahead, with risks to the upside.

Read more of RSM’s insights on the economy and the middle market.

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About Tuan Nguyen

@tuannguyen0709

Tuan Nguyen is an economist at RSM US LLP who analyzes high-frequency economic data within the United States and global economies to better understand the American middle market. Tuan’s data-driven economic analysis and insights enhance the ability of middle market companies to thrive in an increasingly competitive global economy. In December 2023, Nguyen and the economics team were recognized on Bloomberg's list of Best Bond Forecasters after correctly predicting where the benchmark Treasury would end the year.

Based in New York, Tuan works closely with the firm’s cutting-edge Industry Eminence Program to help senior analysts accelerate data-driven strategies in their line of business. His areas of focus include the comprehensive measurement framework for environmental, social and governance (ESG) financial reporting, as well as trends in behavioral, labor and network economics and in industrial organizations. Before joining RSM, he was a graduate researcher, lecturer and teaching assistant for the economics department of his alma mater, Northeastern University, where he taught macroeconomics, international economics and microeconomic theory.

Nguyen holds a Ph.D. in econometrics and quantitative economics from Northeastern University and holds a bachelor of arts in economics and international affairs from the University of New Hampshire, where he graduated summa cum laude and was recognized as an outstanding economics student.

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