Posted 10/13/2023, 2:04:00 PM
U.S. Consumer Sentiment Plunges in October on Surging Inflation Fears
- U.S. consumer sentiment drops sharply in October to lowest level since May
- University of Michigan gauge fell to 63 from 68.1 in September
- Expected reading was 67.4
- Inflation expectations jumped to 3.8% for next year, highest since April
- 5-year inflation expectations rose to 3% from 2.8%
- Assessments of personal finances declined about 15% on inflation concerns
- Expected business conditions over next year plunged about 19%
