The University of Michigan released a report on Wednesday showing consumer sentiment in the U.S. decreased by slightly less than initially estimated in the month of November.
The report said the consumer sentiment index for November was upwardly revised to 67.4 from the preliminary reading of 66.8. Economists had expected the index to be upwardly revised to 66.9.
Despite the upward revision, the consumer sentiment index was down from 71.7 in October and was still at its lowest level since hitting 63.7 in November of 2011.
"Consumers expressed less optimism in the November 2021 survey than any other time in the past decade about prospects for their own finances as well as for the overall economy," said Surveys of Consumers chief economist Richard Curtin.
He added, "The decline was due to a combination of rapidly escalating inflation combined with the absence of federal policies that would effectively redress the inflationary damage to household budgets."
One-year inflation expectations inched up to 4.9 percent in November from 4.8 percent in October, while five-year inflation expectations crept up to 3.0 percent from 2.9 percent.
The report also showed the current economic conditions index fell to 73.6 in November from 77.7 in October. The index of consumer expectations also dropped to 63.5 from 67.9.