Shoppers are seen in a Kroger supermarket on October 14, 2022, in Atlanta, Georgia.
Elijah Nouvelage | AFP | Getty Images
Higher interest rates, a potential recession and persistently high prices made consumers substantially less confident about the current state of the economy as well as where things are heading, according to a closely watched sentiment gauge released Friday.
The University of Michigan Survey of Consumers posted a 54.7 reading for November, down 8.7% from the previous month’s reading of 59.9. That was well off the Dow Jones estimate, which forecast the number to be little changed at 59.5.