U.S. Consumer Sentiment Drops Less Than Initially Estimated In November

Consumer sentiment in the U.S. deteriorated less than initially estimated in the month of November, according to revised data released by the University of Michigan on Wednesday.

The report showed the consumer sentiment index for November was upwardly revised to 56.8 from the preliminary reading of 54.7. Economists had expected a more modest upward revision to 55.0.

Despite the bigger than expected upward revision, the consumer sentiment index was still well below the final October reading of 59.9.

“Consumer sentiment fell 5% below October, offsetting about one-third of the gains posted since the historic low in June,” said Surveys of Consumers Director Joanne Hsu.

She added, “Along with the ongoing impact of inflation, consumer attitudes have also been weighed down by rising borrowing costs, declining asset values, and weakening labor market expectations.”

The University of Michigan said the current economic conditions index slumped to 58.8 in November from 65.6 in October, while the index of consumer expectations edged down to 55.6 from 56.2.

Meanwhile, the report showed one-year inflation expectations dipped to 4.9 percent in November from 5.0 percent in October, but five-year inflation expectations inched up to 3.0 percent from 2.9 percent.

“Uncertainty over these expectations remained at an elevated level, indicating that the general stability of these expectations may not necessarily endure,” said Hsu.

Oil Extends Losses As Supply-disruption Fears Ease

Oil prices fell on Thursday to extend steep overnight losses on easing fears of a supply disruption.

Benchmark Brent crude futures slipped 0.3 percent to $85.15 a barrel, while WTI crude futures were down 0.2 percent at $77.80.

Both contracts fell more than 3 percent on Wednesday as data showed a larger-than-expected build-up in U.S. gasoline inventories.

Data released by U.S. Energy Information Administration (EIA) showed crude inventories dropped by 3.7 million barrels in the week ended November 18th, larger than an expected drop of about 1.1 million barrels.

Gasoline inventories increased by 3.1 million barrels last week versus forecasts for an increase of just 383,000 barrels, while distillate stockpiles saw an increase of 1.7 million barrels in the week.

Meanwhile, supply-disruption fears eased in the wake of reports suggesting that the Group of Seven nations are seeking a price cap for Russian seaborne exports in the range of $65-70 a barrel, well above the former Soviet Union’s cost of production.

European Union governments have not yet agreed on a price and more talks are scheduled for today.

William Carter Recalls Infant’s Yellow Footed Fleece Pajamas

William Carter Company has recalled infant’s yellow footed fleece pajamas with animal graphic due to puncture and laceration hazards.

According to Consumer Product Safety Commission, the company has recalled about 50,800 infant’s yellow footed fleece pajamas with animal graphic, because small metal wire pieces can be found in the pajamas, posing puncture and laceration hazards to young children.

Ther recall involves Carter’s infant’s one-piece fleece, footed pajamas. The recalled pajamas are yellow with an all over heart design and a pink animal graphic. They were sold in children’s sizes 12M, 18M, and 24M. Style number 1O102410 is printed on the front of the care tag sewn on the inside of the pajamas, and the UPC number is printed on the back of the same care tag.

The company has asked its customers to immediately take the recalled infant footed fleece pajamas away from children and return them to a Carter’s store location for a full refund in the form of a gift card.

The recalled products were sold at Carter’s, Kohl’s, Macy’s, Belk, Boscov’s and other stores nationwide and online at www.carters.com from July 2022 through September 2022 for about $22.

Polaris Recalls Nearly 200K Snowmobiles Due To Fire Hazard

Polaris Industries has recalled nearly 200 thousand snowmobiles due to fire hazard.

According to Consumer Product Safety Commission, the company has recalled model year 2021-2023 MATRYX, 2015-2022 AXYS, and 2013-2014 Pro-Ride snowmobiles, because electrostatic discharge inside the fuel tank can cause vapors to ignite during operation and the tank to burst, posing a fire hazard.

The company said it received 30 reports of fuel tank bursting, including 16 incidents of fire and one report of a second-degree burn.

The company has asked its customers to immediately stop using the recalled snowmobiles and contact Polaris or an authorized Polaris dealer to schedule a free repair, consisting of replacing the fuel tank assembly. Polaris has notified consumers to stop riding the snowmobiles.

However, if a consumer needs to start their snowmobile in order to move it safely, they must make sure the fuel tank is full, and if it is not, they need to fill the tank with fresh gasoline.

The company is recall138,000 snowmobiles in the U.S. and an additional 61,000 in Canada. The recalled snowmobiles were sold in black and in custom color combinations.

The snomobiles were sold at Polaris dealers nationwide from October 2011 through August 2022 for between $5,300 and $21,500.

Chipotle Announces Opening Of Its 500th Chipotlane Restaurant

Chipotle Mexican Grill (CMG) Thursday announced the opening of its 500th restaurant with a Chipotlane, the brand’s digital order drive thru pick-up lane.

The iconic 500th outlet is located in Louisville, Kentucky.

“We are thrilled to celebrate this landmark Chipotlane opening,” said Tabassum Zalotrawala, Chief Development Officer. “Chipotlanes are the digital drive thru of the future and a key piece of our growth strategy as we plan to more than double our restaurant count over the long term to achieve 7,000 restaurants or more in North America.”

The Chipotlane format was introduced in the U.S. in early 2018, giving guests and delivery drivers a fast and convenient experience. New restaurant openings that feature this digital order pick-up lane have demonstrated higher volumes and greater returns than a traditional Chipotle restaurant format.

In October 2021, Chipotle opened its first Chipotlane restaurant in Canada. Next year, the company plans to open between 255 to 285 new restaurants, with at least 80% including a Chipotlane.