U.S. November Michigan CSI - Responding to correction in gasioline
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November’s preliminary Michigan CSI at 51.0 is up from 48.0 in October’s final and the highest since August. Slippage in gasoline prices after a bounce in September appears to have helped.
Gasoline prices averaged around $4.2 in August but spiked to $4.6 in late September. They have since drifted off to around $4.3.
Both current conditions and expectations rose in November to levels near 51.0.
Inflation expectations slipped, the 1-year to 4.3% from 4.7%, back to August’s level and the 5-10 year to 3.4% from 3.5%, still above August’s 3.3%.