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Consumers remain downbeat about the U.S. economy as affordability challenges persist.
The University of Michigan’s October Consumer Sentiment Index declined almost 4 percent to 46.3, from September’s 48.1. This is also down nearly 14 percent from a year ago.
October’s reading represented the second-lowest on record.
Economists’ consensus estimate pointed to 47.6.
Views of current economic conditions fell sharply by more than 12 percent to 44.7, reflecting tougher buying conditions for durable goods.
The year-ahead outlook for the economy improved by about 2 percent to 47.3.
“Frustration over cost-of-living continues to mount, as consumers across the political spectrum believe that the trajectory of the economy has weakened since the beginning of the year,” Joanne Hsu, director of consumer surveys at the university, said in a statement….
The University of Michigan’s October Consumer Sentiment Index declined almost 4 percent to 46.3, from September’s 48.1. This is also down nearly 14 percent from a year ago.
October’s reading represented the second-lowest on record.
Economists’ consensus estimate pointed to 47.6.
Views of current economic conditions fell sharply by more than 12 percent to 44.7, reflecting tougher buying conditions for durable goods.
The year-ahead outlook for the economy improved by about 2 percent to 47.3.
“Frustration over cost-of-living continues to mount, as consumers across the political spectrum believe that the trajectory of the economy has weakened since the beginning of the year,” Joanne Hsu, director of consumer surveys at the university, said in a statement….
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