Consumer sentiment fell 3.7% from 48.1 in September to 46.3 in October, according to preliminary results from the University of Michigan’s Surveys of Consumers. Year-over-year, sentiment fell 13.6% from 53.6.
“While year-ahead expectations for personal finances and business conditions crept up slightly, buying conditions for durables plummeted amid high prices and borrowing costs,” University of Michigan Surveys of Consumers Director Joanne Hsu said. “Frustration over cost-of-living continues to mount as consumers across the political spectrum believe that the trajectory of the economy has weakened since the beginning of the year.”
Read the full report here.
