US Consumer Sentiment Unexpectedly Falls on High Cost of Living
- University of Michigan sentiment index at 68.9 after 70.1
- Short-term inflation views rose to 2.9% in early October
While the rate of inflation has cooled over the past year, households remain troubled by high prices that they also see outpacing their income gains in the year ahead.
Photographer: Gabriela Bhaskar/BloombergThis article is for subscribers only.
US consumer sentiment unexpectedly fell for the first time in three months as lingering frustration with a high cost of living offset more sanguine views of the job market.
The preliminary October sentiment index declined to 68.9 from 70.1 in September, according to the University of Michigan. The median estimate in a Bloomberg survey of economists called for a reading of 71.