Consumer sentiment throughout the United States has hit a decade low, with inflation and persistent supply chain crises going into the holiday season significantly dampening confidence in the U.S. market.
Data released on Friday by the University of Michigan found that "consumer sentiment fell in early November to its lowest level in a decade," driven by what researchers said was "an escalating inflation rate and the growing belief among consumers that no effective policies have yet been developed to reduce the damage from surging inflation."
"One-in-four consumers cited inflationary reductions in their living standards in November," the report said, "with lower income and older consumers voicing the greatest impact."
The university's "Index of Consumer Sentiment" dipped to 66.8 this month, down from 71.7 the month before and 76.9 a year ago.
Respondents cited "rising prices for homes, vehicles, and durables" as primary concerns driving their low sentiment.