U.S. Consumer Sentiment Pulled Back in November

By Ben Leubsdorf Features Dow Jones Newswires

A measure of U.S. consumer sentiment pulled back in November but remained high, a sign of still-solid economic optimism headed into the holiday shopping season.

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The University of Michigan on Wednesday said its consumer-sentiment index was 98.5 in November, up from a preliminary reading of 97.8 but down from 100.7 in October.

Economists surveyed by The Wall Street Journal had expected a final November reading of 98.0.

Gauges of business and household confidence jumped following last year's presidential election. Economic growth has been solid for much of 2017 and the unemployment rate fell in October to 4.1%, its lowest level in nearly 17 years. The stock market also has hit new highs.

"In contrast to the media buzz about approaching cyclical peaks and an aging expansion, with the implication of greater uncertainty about future economic trends, consumers have voiced greater certainty about their expectations for income, employment and inflation," said Richard Curtin, the survey's chief economist.

Write to Ben Leubsdorf at ben.leubsdorf@wsj.com

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(END) Dow Jones Newswires

November 22, 2017 10:30 ET (15:30 GMT)