NEW YORK, Nov. 6 (Xinhua) -- The U.S. Index of Consumer Sentiment for November rose as consumers' inflation expectations eased, according to preliminary survey results released Friday by the University of Michigan (UM) Surveys of Consumers.
The Index of Consumer Sentiment for November stood at 51, higher than 48 in October. Both the current economic conditions and consumer expectations indexes also edged higher.
Consumers' year-ahead inflation expectations declined from 4.7 percent in October to 4.3 percent this month while long-run inflation expectations fell to 3.4 percent in November from 3.5 percent in the previous month, according to the survey.
Despite the improvement, the consumer sentiment index remained 10 percent below its February level.
While sentiment lifted for lower- and middle-wealth consumers, it fell 5 percent for those with the largest stock portfolios in the wake of a relatively turbulent period in stock markets, said UM economist Joanne Hsu, director of the surveys.
Moreover, consumers' comments revealed growing anxiety over a potential AI bubble.
Still, concerns over cost of living continue to be at the forefront of consumers' minds across the population, according to the survey. About 57 percent of respondents spontaneously mentioned that their living standards have been eroded by high prices, the highest share since May.
