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U.S. consumer sentiment falls in October

Investing.com -- U.S. consumer sentiment dropped in October as households in the world's biggest economy braced for elevated inflation over the coming year, according to a survey on Friday.

The preliminary reading of the University of Michigan's overall index of consumer sentiment dipped to 63.0, down from 68.1 in September. Economists had seen the figure at 67.2.

"Nearly all demographic groups posted setbacks in sentiment, reflecting the continued weight of high prices," said Joanne Hsu, the director of the University of Michigan's Surveys of Consumers, in a statement.

Hsu also noted that year-ahead inflation expectations climbed to 3.8% this month -- the highest mark since May 2023 and well above the range of 2.3%-3.0% common in the two years prior to the COVID-19 pandemic.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.