WASHINGTON (MNI) – The U.S. consumer sentiment started off the
month lower vs. September, as the nation’s jobs crisis and sluggish
growth continues to weigh on Americans, according to the
Reuters/University of Michigan Consumer Sentiment survey released
Friday.
October’s preliminary reading came in at 57.5 — below median
expectations of 60.0 — vs. September’s reading of 59.4. The consumer
sentiment index was 55.7 in August and 63.7 in July.
The index’s initial measure of consumers’ view of current
conditions in October came in at 73.8, a decline from September’s final
reading of 74.9. The index was 68.7 in August, and 75.8 in July.
After rising to 49.4 in September, the preliminary gauge of
consumers’ expectations fell to 47.0, the lowest since May 1980. This
after coming in at 47.4 in August and 56.0 in July.
According to the report, consumers’ 12-month economic outlook
droppedto 37.0 from 39.0 in September. It was 40.0 in August.
Consumers’ preliminary 1-year inflation expectations for October
was 3.2%, down from an expectation of 3.3% in September. The expectation
was for 3.5% in August. Preliminary five-year inflation expectations are
at 2.7%, down from the September’s expectation of 2.9%, which was the
same as the previous two months.
** Market News International Washington Bureau: 202-371-2121 **
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