Recent weeks of turbulence in U.S. equity markets have fueled a sharp decline in consumer sentiment among those with the largest stock portfolios, the University of Michigan reported in monthly survey findings released Friday.
But economic optimism at the start of November broadly improved, according to the university’s consumer sentiment index, which increased 6% from October levels to 51 — unchanged from a year ago.
“Modest improvements in multiple domains, including expected personal finances and business conditions, were concentrated primarily among independents,” noted Joanne Hsu, director of surveys of consumers at the university, in commentary accompanying the report.
In contrast to consumers with the largest stock portfolios, sentim...