Consumer Sentiment: Still Strong a Year After Election

Bottom Line: Consumer sentiment was revised upward in late November and it is modestly below October's final level of 100.7%. This marks nearly a year that the sentiment gauge has held near its highest levels since 2004. The survey noted that there has been little impact on consumer sentiment from the potential for significant tax legislation. Inflation expectations ticked down modestly but have shown the smallest dispersion on record. Consumer Sentiment was REVISED UP by 0.7 points in late November to 98.5%, compared with market expectations for a small increase to 98.0%. Sentiment has improved by 1.7 points over the past 3 months. Despite this month's modest decline, compared to October's final level of 100.7%, sentiment is 5.0% ABOVE its year ago level. Current Conditions were REVISED DOWN by 0.1 points to 113.5%. Current conditions are now 5.8% ABOVE their year ago level. Consumer Expectations were REVISED UP by 1.3 points to 88.9%. Despite this month's slight decline, compared to October's final level of 90.5%, expectations are 4.3% ABOVE their year ago level.