US Consumer Sentiment Declines to Near Lowest on Record

US consumer sentiment tumbled to near the lowest on record as the government shutdown weighed on the economic outlook and high prices soured views about personal finances. The preliminary November sentiment index dropped 3.3 points to 50.3, just above a June 2022 reading of 50 that was the weakest in University of Michigan data back to 1978. The gauge was lower than all but one estimate in a Bloomberg survey of economists. The drop in overall sentiment was broad across age, income and political groups, the report showed. Among Democrats and political independents, confidence slid to the lowest in data back to 1984. Bloomberg Economics US and Canada Economist Stuart Paul and Bloomberg News Senior Editor and author of “The Everything Risk” Newsletter Ed Harrison join Bloomberg Businessweek Daily to discuss consumer sentiment, the Federal Reserve's data tightrope, and more. They speak with Carol Massar and Tim Stenovec. (Source: Bloomberg)