U.S. consumer sentiment falls in October

Investing.com -- U.S. consumer sentiment dropped in October as households in the world's biggest economy braced for elevated inflation over the coming year, according to a survey on Friday.

The preliminary reading of the University of Michigan's overall index of consumer sentiment dipped to 63.0, down from 68.1 in September. Economists had seen the figure at 67.2.

"Nearly all demographic groups posted setbacks in sentiment, reflecting the continued weight of high prices," said Joanne Hsu, the director of the University of Michigan's Surveys of Consumers, in a statement.

Hsu also noted that year-ahead inflation expectations climbed to 3.8% this month -- the highest mark since May 2023 and well above the range of 2.3%-3.0% common in the two years prior to the COVID-19 pandemic.

You May Also Be Interested In

• Ghosts of the 1970s: Why three Fed hawks voted to spike rates
• Chinese vice premier voices concern over US measures in call
• Gavin Newsom steps in as unlikely ally for Warner Bros. Discovery