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ECONOMIC HIGHLIGHTS United States consumer sentiment increased 1.8% in November 2024 from the October 2024 level and was 17.1% above the level in November 2023. Consumer sentiment in November 2024 was at the highest level since April 2024, but only marginally above the average from 1979-1982. In contrast to the similar levels of sentiment, between 1979 and 1982, the inflation rate averaged 10.3% and the unemployment rate averaged 7.6%, while through November 2024, the year-to- date inflation rate averaged 3.0% and the unemployment rate averaged 4.0%. Oil prices fell 2.4% from October 2024 to November 2024 and were 17.1% below the level in November 2023. The $69.95-per-barrel price in November 2024 was the lowest since August 2021, when it was $67.73 per barrel. Compared to the all- time high of $133.88 per barrel in June 2008, the price of oil in November 2024 was down 47.8%.
Michigan Economic Indicators
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