The final figure of November University of Michigan consumer confidence showed a significant downward revision compared with the first estimate. The headline figure was revised from 84.9 to 82.7, while only a marginal downward adjustment was expected (to 84.5). Compared with the previous month, Michigan consumer confidence rose marginally in November. It was the biggest downward month-end revision in the reading in four years time. The breakdown shows that the downward adjustment was mainly based in the outlook (77.6 from 80.6), while the economic conditions sub-index was revised from 91.3 to 90.7. Uncertainty on the fiscal cliff might have increased after the presidential elections, which could have weighed on sentiment, while also the Tropical Storm Sandy might have had an impact. Nevertheless, compared with the previous month, consumer confidence is still marginally up and is at its highest level since end 2007.