United States October Preliminary consumer confidence fell to 46.3, the Current Economic Conditions Index hit a record low, and inflation expectations rose

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United States October Consumer confidence fell to 46.3, the Current Economic Conditions Index hit a record low, and inflation expectations rose again

BlockBeats news,October 9, preliminary consumer confidence in the United States October fell further, with consumers' assessment of current economic conditions falling to an all-time low, while persistently high inflation is increasing financial pressure on U.S. households.

A preliminary survey released by the University of Michigan on Friday showed that October consumer sentiment fell to 46.3, its lowest level since May. The Current Economic Conditions Index fell sharply from September at 50.9 to 44.7, its lowest level on record. Meanwhile, the Index of Consumer Expectations rose from 46.3 to 47.3, marking its first increase since July.

With gasoline prices remaining elevated, borrowing costs rising, and hiring activity slowing, U.S. consumer confidence continues to deteriorate. The survey showed that consumers expect prices to rise by 1 over the next 4.7%year, up from September at 4.6%. Long-term inflation expectations for the next 5 to 10 years rose to an annual average of 3.5%, slightly above the September level.

Joanne Hsu, director of the University of Michigan Surveys of Consumers, said in a statement that confidence fell notably this month among lower-income consumers and consumers with smaller stock portfolios.

Original link https://m.theblockbeats.info/flash/371064

Key points

The University of Michigan's preliminary survey showed that U.S.October consumer sentiment fell to 46.3, the lowest since May.
The Current Economic Conditions Index fell from September at 50.9 to 44.7, its lowest level on record.
The Index of Consumer Expectations rose from 46.3 to 47.3, marking its first increase since July.
Consumers expect prices to rise by 1 over the next 4.7%year, up from September at 4.6%。
Long-term inflation expectations for the next 5 to 10 years rose to an annual average of 3.5%, slightly above September level.
Joanne Hsu said that confidence fell notably among lower-income consumers and consumers with smaller stock portfolios.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

Consumers' assessment of current economic conditions worsened, but their expectations for the future improved slightly; at the same time, they expect the increase in prices to accelerate.

Why it matters to readers

The survey also reflects weakening consumer confidence and rising inflation expectations; subsequent data may further influence assessments of consumption, inflation, and monetary policy.

Consumer confidence is used to gauge households' views of the economy and their own financial conditions; a decline in the index generally indicates weaker sentiment, but does not mean that actual consumption has already declined.

Risks and unknowns

The report is based on the University of Michigan's preliminary survey, and it is not yet clear whether the final data will confirm these changes.
This survey alone cannot determine the specific direction of U.S. Treasury yields, stocks, or USD.
The report does not provide data on actual consumption, employment, or subsequent inflation.

United States October Preliminary consumer confidence fell to 46.3, the Current Economic Conditions Index hit a record low, and inflation expectations rose

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