US consumer confidence worsens in October
Consumer Sentiment Index in the United States decreased 1.5% on a monthly basis to 71.7 points in October, according to a final report published by the University of Michigan on Friday. The index plummeted 12.3% year-over-year.
Current Economic Conditions Index declined 3% month-on-month and 9.5% compared to July 2020. Meanwhile, the Index of Consumer Expectations was down 0.3% from the previous month and dropped 14.3% on an annual basis.
“The positive impact of higher income expectations and the receding coronavirus has been offset by higher rates of inflation and falling confidence in government economic policies. Consumers not only anticipated the highest year-ahead inflation rate since 2008 in the October survey, consumers also expressed greater uncertainty about the year-ahead inflation rate than anytime in nearly forty years,” Surveys of Consumers Chief Economist Richard Curtin said in the report.
Get involved!
Comments