US consumer sentiment falls to five-month low ahead of midterms
Briefing by News4U · First published
The University of Michigan index slipped to 48 in October from 48.1 in September, driven by inflation and rising interest rates.
The University of Michigan’s final Consumer Sentiment Index fell to 48 in October from 48.1 in September, marking a five-month low as high prices and rising interest rates weighed on households. [1] [2] [3]
The reading is the second-lowest on record, behind only May’s 44.8. Inflation expectations over the next five years rose to 3.5 percent from 3.4 percent in September. [3]
The report precedes the Federal Reserve’s final policy decision before the midterm elections, with markets pricing an 89.5 percent chance that rates will stay at 3.75–4.00 percent. [3]
Sources
- US Consumer Sentiment Slips to Five-Month Low on Inflation
Bloomberg · · Summary only
- US Consumer Sentiment Slips to Five-Month Low on Inflation
Bloomberg · · Summary only
- US consumer sentiment hits a near-record low before midterm elections
Al Jazeera · · Full text