US: UoM Consumer Confidence Index falls to 99 (preliminary) in October

Eren Sengezer FXStreet

"Consumer sentiment slipped in early October, although it remained at quite favorable levels and just above the average reading during 2018 (98.5)," the University of Michigan's Surveys of Consumers chief economist, Richard Curtin, said.

Key quotes

The small decline was due to less favorable assessments by consumers of their personal finances.
The downward revisions in the rate of growth in household incomes were accompanied by upward revisions in the year-ahead expected inflation rate, weakening real income expectations.
The sharp selloff in equities overlapped interviewing by only one evening, having virtually no influence on the early October data.

October (preliminary) results

Index of Consumer Sentiment at 99 vs 100.1 in September.
Index of Current Economic Conditions at 114.4 vs 115.2 in September.
Index of Consumer Expectations at 89.1 vs 90.5 in September.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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