Ekonomické zprávy
15.10.2021

U.S. consumer sentiment index unexpectedly drops in early October

A report from the University of Michigan revealed on Friday the preliminary reading for the Reuters/Michigan index of consumer sentiment fell 1.9 percent m-o-m to 71.4 in early October.

Economists had expected the index would come in at 73.1 this month, up from September’s final reading of 72.8.

According to the report, the index of current U.S. economic conditions declined 2.7 percent m-o-m to 77.9 in October from 80.1 in the previous month. Meanwhile, the index of consumer expectations dropped 1.3 percent m-o-m to 67.2 this month from 68.1 in September.

Surveys of Consumers chief economist, Richard Curtin, noted that consumer sentiment had remained for the past three months at the lows first recorded in response to last year's shutdown of the economy. “The Delta variant, supply chain shortages, and reduced labor force participation rates will continue to dim the pace of consumer spending into 2022,” he added. “There is another, less tangible factor that has contributed to the slump in optimism: confidence in government economic policies has significantly declined during the past six months.”

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