US Consumer Sentiment Drops to 46.3, a 5-Month Low as Inflation Bites
Updated
Updated · Bloomberg · Oct 9
US Consumer Sentiment Drops to 46.3, a 5-Month Low as Inflation Bites
3 articles · Updated · Bloomberg · Oct 9
Summary
The University of Michigan’s preliminary October sentiment index fell to 46.3 from 48.1, missing economists’ 47.6 median estimate and marking the weakest reading since May.
Inflation drove the decline, with households reporting an all-time low view of current economic conditions as higher living costs continued to squeeze budgets.
The October reading extends a run of unusually weak confidence, with recent reports also showing rising one-year inflation expectations and borrowing costs adding to consumer strain.