Data released by the University of Michigan moments ago showed a 6% drop in the US consumer confidence index for November to 50.3 points, compared to 53.6 in October. This was slightly below expectations, which had anticipated a reading of 53 points.

This consumer confidence reading comes as the federal government shutdown continues and its impact on the economy is expected to be felt. The current conditions index fell to 52.3 from 58.6, while the expectations index declined to 49.0 from 50.3 in October. Meanwhile, inflation expectations for the coming year rose from 4.6% to 4.7%.