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November consumer confidence slips in US, rises in eurozone

U.S. consumer sentiment weakened on a monthly basis in November, final results of a University of Michigan survey showed, while consumer confidence in the eurozone improved, according to a flash estimate by the European Commission.

The University of Michigan's consumer sentiment index came in at 98.5 this month, down from October's 100.7 reading but higher than the preliminary November estimate of 97.8. Year over year, the index was up 5%.

The measure of current economic conditions decreased 2.6% to 113.5 in November from the prior month, while the consumer expectations index fell 1.8% to 88.9.

The survey's chief economist, Richard Curtin, said the sentiment index is holding at its highest levels since 2004, as consumers have voiced "greater certainty" about their income, employment and inflation outlooks.

"Inflation expectations have shown the smallest dispersion on record, and increased certainty about future income and job prospects has become a key factor that has supported discretionary purchases," Curtin said.

Survey data also showed that changes in fiscal or monetary policies have yet to have any noticeable impact on consumer expectations, Curtin added.

In the eurozone, the European Commission's consumer confidence indicator went up 1.2 points on a monthly basis to a 0.1 reading in November, a flash estimate showed.

In the EU as a whole, consumer confidence increased 0.9 point to a 0.7 reading in November from the previous month.