U.S. consumer sentiment declined to its lowest level in more than three years and near an all-time low as households' concerns about the economic impact of the government shutdown mounted, according to new data.

The University of Michigan's Index of Consumer Sentiment preliminary reading for November was 50.3, well below the 53.2 expected by economists polled by LSEG.

That's the lowest level for consumer sentiment reported by the index since a reading of 50 in June 2022, when the U.S. economy was beset by the highest level of inflation in 40 years.

"Consumer sentiment fell back about 6% this November, led by a 17% drop in current personal finances and a 11% decline in year-ahead expected business conditions," said University of Michigan Surveys of Consumers Director Joanne Hsu said

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