U.S. Economic Expectations Sour in October; Weekly Comfort Rises
Shoppers try on Minnie Mouse ears inside a World of Disney store at the Walt Disney Co. Disney Springs entertainment complex in Orlando, Florida, U.S., on Tuesday, Sept. 19, 2017. Bloomberg is scheduled to release consumer comfort figures on October 5.
Photographer: Cassi Alexandra/BloombergAmericans grew more pessimistic this month about the direction of the economy, though a measure of consumer sentiment rose in the most recent week, Bloomberg Consumer Comfort Index figures showed Thursday.
The drop in the monthly economic gauge may reflect lingering effects of Hurricane Harvey, which interrupted Texas refinery output and led to higher gas prices that remain above pre-storm levels even after recent declines. The report showed 29 percent of respondents said the economy was getting better in October, down from 31 percent in the previous month. At the same time, falling gas prices -- along with gains in equities and a post-storm economic rebound -- could also be supporting the weekly rise in consumer comfort, which is still below a 16-year high reached in August.