US consumer sentiment falls in October

By Ovunc Kutlu

ISTANBUL (AA) - US consumer sentiment declined in October, according to the University of Michigan's consumer survey final results released Friday.

The index of consumer sentiment fell 4.1 percentage points to 63.8 in October, from 67.9 in September.

The market expectation for the index was to come in at 63.0.

"This decline was driven in large part by higher-income consumers and those with sizable stock holdings, consistent with recent weakness in equity markets," Surveys of Consumers Director Joanne Hsu said in a statement.

Year-ahead inflation expectations jumped from 3.2% last month to 4.2% this month, marking the highest reading since May 2023, said the survey.

The index of current economic conditions decreased by 0.5 points to 70.6 in October, from 71.1 in September, according to the survey results.

The index of consumer expectations, meanwhile, plummeted 6.5 points to 59.3 from 65.8 during that period.