The Economic Information Agency reported on the 12th that the University of Michigan's preliminary consumer sentiment index for October came in at 46.3, lower than the market expectation of 47.8 and below September's final reading of 48.1, reflecting further weakening of American households' confidence in the economic outlook.
In terms of sub-indices, the preliminary current conditions index fell to 44.7, below the market expectation of 51 and down from September's 50.9, hitting a record low since records began. The consumer expectations index rose to 47.3, exceeding the market expectation of 45.5 and September's 46.3, marking the first increase since July.
Regarding inflation expectations, consumers' one-year inflation outlook increased from 4.6% in September to 4.7%; the five-year inflation expectation also rose from 3.4% to 3.5%, indicating that price pressures continue to affect household sentiment.(kk)
In terms of sub-indices, the preliminary current conditions index fell to 44.7, below the market expectation of 51 and down from September's 50.9, hitting a record low since records began. The consumer expectations index rose to 47.3, exceeding the market expectation of 45.5 and September's 46.3, marking the first increase since July.
Regarding inflation expectations, consumers' one-year inflation outlook increased from 4.6% in September to 4.7%; the five-year inflation expectation also rose from 3.4% to 3.5%, indicating that price pressures continue to affect household sentiment.(kk)
