Ekonomické zprávy
11.10.2024

U.S. consumer sentiment index unexpectedly declines in early October

A report from the University of Michigan showed on Friday that the preliminary reading for the Reuters/Michigan index of consumer sentiment declined 1.7 per cent m-o-m to 68.9 in early October. This was the first drop in the index in three months.

Economists had predicted the indicator would increase to 70.8 this month, marginally up from the September final reading of 70.1.

According to the report, the index of current economic conditions decreased 0.9 per cent m-o-m to 62.7 in October, while the index of consumer expectations fell 2.0 per cent m-o-m to 72.9. 

The report also revealed that the estimates of year-ahead expected inflation jumped from 2.7 per cent in September to 2.9 per cent early this month, the highest level since July (2.9 per cent). Meanwhile, the 5-year expected inflation slipped from 3.1 per cent to 3.0 per cent.

Commenting on the latest findings, Surveys of Consumers Director Joanne Hsu noted that while inflation expectations have eased substantially since a year ago consumers continue to express frustration over high prices. She also added that with the upcoming election on the horizon, some consumers appear to be withholding judgment about the longer-term trajectory of the economy.

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