ANN ARBOR, Mich., Nov. 22 (UPI) -- U.S. consumer sentiment this month slipped fractionally from October's level but remains well above year-earlier levels.
The University of Michigan's consumer sentiment index, released Wednesday, was 92.1, just below October's 93.6 but substantially above the 81.6 reading of a year ago.
Despite growing weakness in the housing market, consumers remained cautiously upbeat about prospects for the overall economy, the school said in a news release.
"The highest proportion of consumers in more than 50 years have stressed that their holiday purchases will be contingent on the availability of price discounts," said Richard Curtin, director of the school's consumer surveys.
The repeated spikes in gasoline prices have left consumers with more debt and less savings than ever before, with much greater financial stress expressed by lower income households.
"While upscale department stores will have a relative advantage compared with discount stores, all consumers will be trying to stretch their holiday budgets by shopping until they find lower prices," he said.
