U.S. consumer confidence falls to its lowest level in 5 months
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AT A GLANCE
The final U.S. consumer confidence index fell to 48 points, while inflation expectations rose to their highest level since May.
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U.S. consumer confidence fell to 5 the lowest level in months
PANews October 23 reported that the U.S. consumer confidence index edged lower amid rising prices and interest rates, falling to 5 the lowest level in months. According to a survey report released Friday, the University of Michigan's final consumer confidence index fell from September of 48.1 points to 48 points. Nevertheless, the figure remained above the preliminary reading and exceeded economists' expectations. Consumers expect prices to rise over the next 1 years by 4.7%, up from last month's forecast of 4.6%; they also believe costs will increase at an average annual rate of 3.5%. Both figures are the highest levels since May🔗https://www.panewslab.com/zh/articles/01a16922-8bcb-751f-a656-73f33665d8a3
Key points
01
The University of Michigan's final consumer sentiment index fell from September's 48.1 points to 48 points.
02
The index fell to its lowest level in 5 months.
03
Consumers expect prices to rise over the next 1 years by 4.7%, higher than last month's 4.6%。
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Consumers expect costs to grow at an annual rate of 3.5%。
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Expectations for the next 1 years and for the next five to years both reached their highest levels since May.
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The report said the figure was above the preliminary reading and economists' expectations.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
The survey shows that consumers' confidence in current conditions weakened slightly, while their expectations for future price increases became higher.
Why it matters to readers
The simultaneous decline in confidence and rise in inflation expectations indicate that changes in prices and interest rates continue to influence consumers' assessments.
Consumer confidence reflects people's views of economic conditions; inflation expectations are people's assessments of future changes in prices.
Risks and unknowns
The current evidence comes from PANews' media paraphrase of the survey report, rather than an original announcement by the University of Michigan.
The evidence does not specify the preliminary reading or economists' expectations.
The evidence does not explain how the survey will affect interest rates, stock markets, or other assets.
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Related concepts
Consumer Sentiment Index
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