Inflation concerns continue to weigh on consumers’ view of the economy. Projections on GDP in the third quarter, however, have been improving.
Consumer sentiment declined more than 7% in preliminary October results following two consecutive months of very little change according to the University of Michigan Surveys of Consumers. Assessments of personal finances declined about 15%, primarily on a substantial increase in concerns over inflation, and one-year expected business conditions plunged about 19%. However, long-run expected business conditions are little changed, suggesting that consumers believe the current worsening in economic conditions will not persist.
The Index of Consumer Sentiment stood
Subscribers need to be logged in to see rest of this article. Please Login to access. If you're not a subscriber, click here for information on our satisfaction guaranteed subscription options.