WASHINGTON (MarketWatch) -- With falling gas prices, U.S. consumer sentiment ticked up in early November from the prior month, though it remains at relatively low levels, according to a media report on the University of Michigan/Reuters index released Friday.
The index rose to 57.9 in early November from a reading of 57.6 in late October. Economists surveyed by MarketWatch were expecting a November reading of 56.5.
Gas prices have declined about 17% since late October.
In October, consumer sentiment dropped a record amount, in a signal for coming cutbacks in spending.
The Commerce Department reported Friday that U.S. retail sales plunged a record 2.8% in October as sales of autos and gasoline plummeted. Sales have declined for a fourth straight month. Excluding the 5.5% drop in auto purchases, retail sales fell a record 2.2%. See Economic Report.
Also Friday, the Labor Department reported that prices of imported goods fell the most in two decades - the third consecutive month of declines -- as petroleum prices plunged. The 4.7% decline in the import price index is the largest since the monthly data started in 1988. Analysts surveyed by MarketWatch were looking for a decline of 4.8%.
