The University of Michigan’s gauge of consumer sentiment rebounded slightly to a final October reading of 71.7, up 0.3 points from the preliminary reading...
The numbers: The University of Michigan’s gauge of consumer sentiment rebounded slightly to a final October reading of 71.7, up 0.3 points from the preliminary reading earlier this month, but below the final September level of 72.8.
Household expectations for inflation for the next year rose to 4.8%, the highest level since August of 2008, while expectations for five-year inflation ticked down to 2.9% from its pandemic high of 3% last month. What UMich said: “The positive impact of higher income expectations and the receding coronavirus has been offset by higher rates of inflation and falling confidence in government economic policies,” wrote Richard Curtin, chief economist at the University of Michigan surveys of consumers.”
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