US Consumer Sentiment Rises in October But Misses Analysts’ Expectations

Press Release
A key barometer of consumer sentiment in the US fell short of analysts’ estimates this month despite posting a rise from September as survey participants indicated that their focus had been on job growth and income.
The University of Michigan’s index of consumer sentiment came in at 95.5 in October, up from the prior month’s reading of 93.2 but below the consensus estimate of analysts polled by Econoday for 96. The mid-month reading for October was 96.

Year-on-year the October final print was down 3.1%. But the level was almost in line with the average this year of 95.6, and just shy of the 97 index average since the start of 2017.

“The overall level of consumer confidence has remained quite favorable and largely unchanged during the past few years,” said Richard Curtin, chief economist of the surveys of consumers.

The University’s sub-index assessing consumers’ view of current economic conditions rose to 113.2 from 108.5 in September while the gauge of consumer expectations rose to 84.2 from 83.4 a month earlier.

The focus of consumers who participated in the survey was on income and job growth, while largely ignoring other news, Curtin said.

“The most spontaneous references were to the negative impact of tariffs, which fell to 27% in October from last month’s 36%; the impeachment inquiry totaled just 2% in October, less than the 5% who mentioned a negative impact from the GM strike,” he said.

This post was originally published on Health Opinion

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