Business · Economy · 2 hrs ago
US consumer sentiment falls to near its second-lowest level
A preliminary measure of US consumer sentiment fell to 46.3 in October, from 48.1 the month before.
The University of Michigan publishes the index, which tracks how consumers view the economy.
The October reading was below economists’ forecast of 48 and near the second-lowest level on record.
High living costs and rising fuel prices linked to the war in Iran were cited as reasons for the decline.
Consumers are also increasingly concerned that prices will rise further.
Even so, actual consumer spending remains fairly strong, supported by a stable job market.
The figures point to a gap between people’s gloomy views and their current spending, while concerns about future costs remain.
The University of Michigan’s preliminary US consumer sentiment index fell to 46.3 in October, near its second-lowest level.
The reading was down 1.8 points from 48.1 in the previous month and below economists’ forecast of 48.
High living costs and rising fuel prices linked to the Iran war weighed on consumers’ outlook.
Despite weaker sentiment, actual consumer spending remained resilient, supported by a stable jobs market.
Consumers’ concerns about further price rises increased.
- Who
- US consumers, as measured by the University of Michigan.
- What
- The preliminary consumer sentiment index fell to 46.3 in October.
- When
- October; the report was published on October 10 local time.
- Where
- The United States.
- Why
- High living costs and rising fuel prices linked to the Iran war weighed on sentiment.
This story does not have two clearly opposing sides.
No direct quotes in the coverage so far.
The consumer sentiment index stood at 48.1.
The University of Michigan reported a preliminary October index of 46.3, below the previous month and economists’ forecast.
- October preliminary index
- 46.3
- Previous-month index
- 48.1
- Monthly change
- Down 1.8 points
- Economists’ forecast
- 48
- Survey source
- University of Michigan
Sources
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