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10/15, 4:01 PM (Source: TeleTrader)
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US consumer sentiment drops in October

Consumer confidence decreased in October compared to the previous month, a preliminary report by the University of Michigan showed on Friday. The Index of Consumer Sentiment recorded 71.4, a drop of 1.9% on a monthly basis and 12.7% lower compared to October 2020.

The Current Economic Conditions Index was at 77.9, down 2.7% from September and 9.3% year-on-year. The Index of Consumer Expectations stood at 67.2, dropping 1.3% month-on-month and 15.2% compared to October 2020. "The Delta variant, supply chain shortages, and reduced labor force participation rates will continue to dim the pace of consumer spending into 2022. 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," the report explained.

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