by Calculated Risk on 11/10/2017 10:09:00 AM

The preliminary University of Michigan consumer sentiment index for November was at 97.8, down from 100.7 in October.

Consumer sentiment declined slightly in early November due to widespread losses across current and expected economic conditions. The losses were quite small as the Sentiment Index remained at its second highest level since January. Overall, the Sentiment Index has remained trendless since the start of the year, varying by less that 4.0 Index-points around its 2017 average of 96.8. Consumers (and policy makers) have four key concerns: prospective trends in jobs, wages, inflation, and interest rates.
emphasis added

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This was below the consensus forecast.

Consumer sentiment is a concurrent indicator (not a leading indicator).