US consumer sentiment deteriorates further in October
SPY•The University of Michigan’s Consumer Sentiment Index fell to 46.3 in October from 48.1 in September, below economists’ 47.8 forecast. One-year inflation expectations edged up to 4.7% from 4.6%.
1. Sentiment falls further
The University of Michigan’s Consumer Sentiment Index dropped to 46.3 in October from a final reading of 48.1 in September. Economists polled by Reuters had forecast 47.8.
2. Inflation expectations rise
The survey’s measure of inflation expectations over the next year nudged up to 4.7% from 4.6% in September, and its five-year measure rose to 3.5% from 3.4%. Joanne Hsu, director of the Surveys of Consumers, said frustration over cost-of-living continues to mount and that sentiment among lower-income consumers and those with smaller stock portfolios dropped steeply.
