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October final UMich US consumer sentiment 63.8 vs 63.0 expected
Final UMich consumer sentiment data for October 2023. • Prelim was 63.0 • Prior was 68.1 Details: • Current conditions 70.6 vs 66.7 prelim (71.4 prior) • Expectations 59.3 vs 60.7 prelim (66.0 prior) • 1-year inflation 4.2% vs 3.8% prelim (3.2% prior) • 5-10 year inflation 3.0% vs 3.0% prelim (2.8% prior) The Fed might be concerned about that bump in inflation expectations but this survey has led them astray before.
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UMich Inflation Expectations Exploded Higher In October: "Consumer Frustration Appeared Everywhere"
In its preliminary October data, UMich inflation expectations for the next year surged to 3.8%.. by the end of the month, the final data showed it had spiked to 4.2% - the highest reading since May 2023 (with the medium-term expectation at 3.0%). Consumer sentiment confirmed its early-month reading, falling back about 6% this October following two consecutive months of very little change. This decline was driven in large part by higher-income consumers and those with sizable stock holdings, consistent with recent weakness in equity markets. Across all consumers, one-year expected business conditions plunged 16% and ... (full story)