US: UoM Consumer Confidence Index improves to 59.8 in October vs. 59 expected
- Consumer confidence in the US improved modestly in early October.
- UoM's long-run inflation outlook edged higher to 2.9% from 2.7%.
Consumer sentiment in the US improved slightly in early October with the University of Michigan's (UoM) Consumer Confidence Index edging higher to 59.8 (flash) from 58.6 in September. This print came in better than the market expectation of 59.
The Current Conditions Index rose to 65.3 from 59.7 and the Expectations Index declined to 56.2 from 58.
The report further revealed that the one-year inflation expectation rose to 5.1% and the five-year inflation expectation edged higher to 2.9% from 2.7%.
Market reaction
The greenback preserves its strength after this report and the US Dollar Index was last seen rising 0.55% on the day at 113.08.
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.
