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Financial News: U.S. Consumer Sentiment Improves Slightly More Than Initia

U.S. Consumer Sentiment Improves Slightly More Than Initially Estimated In October

10/28/2022 - 10:46:00 (RTTNews)

(RTTNews) - Revised data released by the University of Michigan on Friday showed U.S. consumer sentiment improved by slightly more than originally estimated in the month of October.

The report showed the consumer sentiment index for October was upwardly revised to 59.9 from the preliminary reading of 59.8. Economists had expected the index to be unrevised.

The revised reading for October is modestly higher than the final September reading of 58.6, with the index continuing to recover from all-time low of 50.0 in June.

The modest monthly increase by the headline index came as the current economic conditions index jumped to 65.6 in October from 59.7 in September.

On the other hand, the index of consumer expectations fell to 56.2 in October from 58.0 in the previous month.

"This month, buying conditions for durables surged 23% on the basis of easing prices and supply constraints," said Surveys of Consumers Director Joanne Hsu. "However, year-ahead expected business conditions worsened 19%."

She added, "These divergent patterns reflect substantial uncertainty over inflation, policy responses, and developments worldwide, and consumer views are consistent with a recession ahead in the economy."

The report showed a rebound in inflation expectations, with one-year inflation expectations climbing to 5.0 in October after dropping to a one-year low of 4.7 in September.

Five-year inflation expectations also increased to 2.9 percent in October after falling to 2.7 percent in the previous month.

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