US October Consumer Sentiment Falls to 46.3 as Inflation Expectations Rise
Summary
- US October consumer sentiment came in at 46.3, missing market expectations and falling from the previous month.
- The current conditions index fell to 44.7, well below the market forecast of 51.0.
- One-year inflation expectations rose to 4.7%, while five-year inflation expectations increased to 3.5%.
Forecast Trend Report by Period
US consumer sentiment fell in October and came in below market expectations. Short- and long-term inflation expectations both increased.
The University of Michigan said on October 9 that its October consumer sentiment index stood at 46.3. That was below the market forecast of 47.8 and down from 48.1 in September.
The current conditions index, which measures views on the economy’s present state, fell to 44.7. That was well below the market forecast of 51.0.
One-year inflation expectations rose to 4.7%, while five-year inflation expectations increased to 3.5%.
The data showed weaker consumer sentiment alongside higher consumer expectations for both short- and long-term inflation.
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