Consumer sentiment for October was weaker than anticipated in the latest survey result, although the index remained near historically high levels.
The University of Michigan’s monthly survey of consumers hit 98.6 in the final reading of October, below the 99 expected by economists surveyed by Refinitiv. The key economic indicator hit 100.1 in September’s final reading.
“The Consumer Sentiment Index has been higher thus far in 2018 (98.5) than in any prior year since 2000, which was the last year of the longest expansion since the mid-1800s,” Richard Curtin, chief economist for The University of Michigan’s survey, said in a statement. “Importantly, stock price declines, rising inflation and interest rates, and the negative mid-term election campaigns, have not acted to undermine consumer confidence.”