The final October results indicate consumers continued to have inflation frustration.
Consumer sentiment fell back about 6% this October after inching down slightly for two consecutive months, according to the University of Michigan Surveys of Consumers.
The Consumer Sentiment Index fell to 63.8 in the October 2023 survey, down from 67.9 in September and above last October’s 59.9.
Consumer sentiment is viewed as a leading indicator of economic activity and sharp declines have often preceded or happened during the early point of recessions. Declining sentiment levels can also impact consumer’s willingness to make large purchases such as automobiles.
One-year expected
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