U.S. consumer confidence softens in University of Michigan survey
A survey released Friday, Oct. 11, showed that U.S. consumer confidence slipped in October due to lingering frustration over high prices. The University of Michigan's preliminary consumer confidence index for August came in at 68.9, compared with a final September reading of 70.1.Joanne Hsu, director of the Consumer Research Organization, said, “While inflation expectations have eased considerably, consumers continue to express dissatisfaction with high prices, although long-term business conditions rose to their highest level in six months, while both current and expected personal finances have slightly softened.” The survey showed that one-year inflation expectations rose to 2.9 percent from 2.7 percent in September, and its five-year inflation expectations fell to 3.0 percent from 3.1 percent last month. hsu said, “Some consumers seem to have reservations about the longer-term path of the economy as the general election nears.
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