Early Nov. consumer sentiment drops
Consumer sentiment in early November dropped to a reading of 66, well below expectations, which predicted a reading of 71.6 percent, according to data released moments ago.
According to the Reuters/University of Michigan consumer sentiment index, consumers turned pessimistic in early November after sentiment rose in October to 70.6.
Stocks briefly turned negative in response.
The numbers represent a numerical summary of a survey of how consumers feel about the state of the economy right now and how they expect it to be in six months.
The lower number in early November could spell trouble for holiday retailers hoping for a big buying season to bolster fourth-quarter results.
We'll know more when we see the sales reports from Black Friday, or the big shopping day after Thanksgiving, in a couple of weeks.
-- Frank Ahrens
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November 13, 2009; 10:12 AM ET
Categories: The Ticker | Tags: consumer confidence
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