Michigan survey shows US consumer sentiment at 5-month low of 46.3
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A University of Michigan survey showed that the preliminary index of US consumer sentiment fell 3.7% to 46.3 in October, the lowest level since May and below analysts' forecast of 47.0, from 48.1 in September. The sentiment index was hit by surging oil prices, which left consumers worried about inflation. The current economic conditions index fell, while the expectations index rose. Consumers expect inflation to rise 4.7% over the next year, higher than the September forecast of 4.6%, and expect inflation to rise 3.5% over the next five years, above the September forecast of 3.4%.