US: Consumer sentiment surged in early October, highest level since start of 2004 - UoM

"Consumer sentiment surged in early October, reaching its highest level since the start of 2004," Richard Curtin, Surveys of Consumers chief economist at the University of Michigan noted.

Key highlights:

  • Index of Consumer Sentiment at 101.1 in October vs. 95.1 in September
  • Current Economic Conditions at 116.4 vs. 111.7 in September
  • Index of Consumer Expectations at 91.3 in October vs. 84.4 in September

Key quotes:

  • The October gain was broadly shared, occurring among all age and income subgroups and across all partisan viewpoints.
  • The data indicate a robust outlook for consumer spending that extends the current expansion to at least mid 2018, which would mark the 2nd longest expansion since the mid 1800's. 
  • Consumers anticipate low unemployment, low inflation, small increases in interest rates, and most importantly, modest income gains in the year ahead.
  • It is this acceptance of lackluster growth rates in personal income and in the overall economy that signifies that consumers have accepted, however reluctantly, limits on the pace of improving prospects for living standards.

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