After declining in early 2024, consumer sentiment was up versus both the previous month and year as labor market and inflation expectations have improved.
Consumer sentiment lifted for the third consecutive month, inching up to its highest reading since April 2024, according to the University of Michigan’s Survey of Consumers. The Consumer Sentiment Index rose to 70.5 in the October 2024 survey, up from 70.1 in September and above last October’s 63.8.
Sentiment is now more than 40% above the most recent low in June 2022 when inflation soared.
Consumer sentiment is considered a leading indicator of economic activity. Sentiment
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