Consumer Sentiment Deteriorates in Late November

U.S. consumer sentiment stalled at the end of November as uncertainty grew over federal tax and spending programs next year, a survey released on Wednesday showed.

The Thomson Reuters/University of Michigan's final reading on the overall index on consumer sentiment came in at 82.7, a touch up from 82.6 the month before, but down from a preliminary reading of 84.9 released earlier in the month.

It was below the median forecast of 84.5 among economists polled by Reuters.

"The late-month retreat was accompanied by more economic uncertainty about future federal taxes and spending programs and the inability of the political parties to reach a settlement," survey director Richard Curtin said in a statement.

The survey's barometer of current economic conditions rose to 90.7 from an October final reading of 88.1 and just above a forecast of 90.6.

The survey's gauge of consumer expectations slipped to 77.6 from 79.0 in October and was lower than the forecast of 80.1.

The survey's one-year inflation expectations were steady at 3.1 percent, while the survey's five-to-10-year inflation outlook was at 2.8 percent from 2.7 percent.